Big Bank Scam Exposed: ICICI Relationship Manager Steals ₹4.58 Crore from 41 Customers via FD Fraud
Big Bank Scam Exposed: ICICI Relationship Manager Steals ₹4.58 Crore from 41 Customers via FD Fraud
Bank official diverted crores from 110 fixed deposits to invest in stock market; scam went undetected for nearly two years.
In a shocking breach of trust, an ICICI Bank relationship manager in Rajasthan’s Kota has been arrested for embezzling ₹4.58 crore from 41 customers across 110 fixed deposit accounts between 2020 and 2023. The accused, Sakshi Gupta, misused internal bank systems to siphon off the funds and invest in the stock market, hoping for high returns. Instead, she incurred massive losses and failed to repay the money.
The fraud came to light only when a customer approached the bank in February to inquire about his FD. A subsequent internal audit led to the revelation of the massive breach, and the bank filed a police complaint on February 18.
How the scam was executed:
Accessed ‘User FD’ link: Gupta exploited her internal banking access to illegally withdraw funds from customer FDs. She changed the registered phone numbers linked to the FD accounts, replacing them with those of her family members to intercept transaction alerts and OTPs.
Bypassed OTP alerts: The fraudster created a system to capture OTPs on her own devices, ensuring customers remained unaware of unauthorized transactions.
Police arrested Sakshi Gupta during her sister’s wedding last night. She is currently in judicial custody. According to investigating officer Ibrahim Khan, Gupta orchestrated the scam meticulously and alone, using internal loopholes in the system and staying undetected for almost two years.
ICICI’s response:
While the bank has not issued an official public statement, internal sources confirm that ICICI Bank plans to compensate affected customers for their losses. Several customers have since visited the branch to confirm the safety of their deposits.
This incident raises serious concerns over internal security protocols in banking institutions, particularly regarding access control and transaction alert systems.
Authorities continue to investigate how the fraud went unnoticed for such an extended period and whether any lapses in internal auditing contributed to the delay in detection.
