How did ICICI employee use elderly woman’s account to ‘pool’ & steal ₹4.58 crore from FDs?
In a shocking case of financial fraud, an ICICI bank employee has been suspended after allegedly stealing ₹4.58 crore from fixed deposit (FD) accounts and investing the money in the stock market. The employee, identified as Sakshi Gupta, used a clever system to obtain one-time passwords (OTPs) and transfer funds to an elderly woman’s account, which she used as a “pool account” to facilitate her illegal activities.
According to a report by NDTV, Gupta linked her family members’ phone numbers to the customer accounts whose FD funds she stole. She would then use a software to get OTPs on her system, allowing her to access the accounts without the customers’ knowledge. The stolen funds were then transferred to the elderly woman’s account, which was used as a pool account to invest in the stock market.
Gupta’s modus operandi was to first identify FD accounts with large sums of money. She would then link her family members’ phone numbers to these accounts, allowing her to receive OTPs on her system. Once she had access to the accounts, she would transfer a portion of the funds to the elderly woman’s account, which was used as a pool account.
The elderly woman, who was unaware of the fraudulent activities, was used as a conduit to invest the stolen funds in the stock market. Gupta would then use the stolen funds to buy stocks and shares, generating profits for herself. The illegal activities were carried out over a period of several months, with Gupta siphoning off large sums of money from the FD accounts.
In addition to stealing from FD accounts, Gupta also illegally activated overdraft facilities on 40 accounts. This allowed her to access even more funds, which she used to further her illegal activities. The total amount stolen by Gupta is estimated to be ₹4.58 crore.
The case came to light when ICICI Bank’s internal audit team detected suspicious transactions and launched an investigation. Gupta was subsequently suspended, and the matter was reported to the police.
The investigation found that Gupta had been using her position as an ICICI employee to commit the fraud. She had been working for the bank for several years and had access to sensitive customer information. The bank has since launched an internal inquiry into the matter and has assured customers that their funds are safe.
This case highlights the importance of financial institutions implementing robust security measures to prevent fraudulent activities. It also underscores the need for employees to act with integrity and honesty, as even a single individual can cause significant harm to an organization and its customers.
The ICICI employee’s actions have not only caused financial losses to the bank and its customers but have also damaged the reputation of the institution. It is essential for banks to maintain the trust and confidence of their customers, and this case serves as a reminder of the importance of vigilance and accountability.
In conclusion, the case of ICICI employee Sakshi Gupta is a stark reminder of the dangers of financial fraud and the importance of implementing robust security measures to prevent such activities. It is essential for financial institutions to educate their employees on the importance of honesty and integrity and to ensure that they are held accountable for their actions.
