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 employee has been suspended after she allegedly stole ₹4.58 crore from fixed deposit (FD) accounts and invested the money in stocks. The employee, Sakshi Gupta, used a clever system to steal the funds, which has left many wondering how she managed to carry out such a massive fraud.
According to a report by NDTV, Sakshi Gupta, who worked at ICICI’s corporate banking division, linked her family members’ phone numbers to customer accounts whose FD funds she stole to invest in stocks. She devised a system to get One-Time Passwords (OTPs) on her system, which allowed her to transfer funds to an elderly woman’s account, using it as a “pool account”.
The elderly woman, who has not been named, was unaware that her account was being used in such a manner. Gupta would transfer some funds to the elderly woman’s account and then use the same account to transfer the stolen money to her own accounts or invest it in stocks.
But that was not all. Gupta also illegally activated overdraft facilities on 40 accounts, which allowed her to withdraw more funds than what was actually available in the accounts. This way, she was able to siphon off even more money from the FD accounts.
The fraud was only discovered when the bank’s internal audit team noticed some discrepancies in the transactions. An investigation was launched, and Gupta was found to be the mastermind behind the fraud.
The ICICI bank has suspended Gupta and has also reported the matter to the police. The police have registered a case against Gupta and are investigating the matter further.
The ICICI bank has also taken steps to ensure that such frauds do not happen in the future. The bank has strengthened its internal controls and has also implemented additional measures to prevent such frauds.
This case highlights the importance of having robust internal controls and monitoring systems in place to prevent fraud. It also underscores the need for banks to be vigilant and take swift action when they detect any suspicious transactions.
The ICICI bank has a reputation for being one of the most efficient and reliable banks in the country. This case, however, has raised questions about the bank’s internal controls and the ability of its employees to carry out such massive fraud.
It is also important to note that Gupta’s actions were not limited to stealing money from FD accounts. She also used the elderly woman’s account as a “pool account” to launder the stolen money. This highlights the need for banks to have robust anti-money laundering measures in place to prevent such frauds.
The ICICI bank has a responsibility to ensure that its employees are honest and trustworthy. The bank needs to take steps to ensure that its employees are not tempted to engage in fraudulent activities.
The banking industry as a whole needs to take note of this case and take steps to prevent such frauds from happening in the future. The industry needs to have robust internal controls and monitoring systems in place to prevent fraud.
The ICICI bank’s response to this case has been swift and decisive. The bank has suspended Gupta and has reported the matter to the police. The bank also needs to take steps to ensure that its employees are aware of the consequences of engaging in fraudulent activities.
In conclusion, the case of Sakshi Gupta, the ICICI employee who stole ₹4.58 crore from FD accounts, highlights the importance of having robust internal controls and monitoring systems in place to prevent fraud. It also underscores the need for banks to be vigilant and take swift action when they detect any suspicious transactions. The banking industry as a whole needs to take note of this case and take steps to prevent such frauds from happening in the future.
