South Mumbai based family cheated by ex-employee of ICICI bank

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A south-Mumbai-based family was duped of Rs.10 crore by an ex-employee of ICICI Bank Ravi Sharma who previously worked as a relationship manager in the bank.

The bank account was a joint account at ICICI Bank under Monica Valecha (49), her three sisters, her father Vasudeo Valecha (84) and his wife Shanti (74).

Mr. Vachela was termed as a high-net-worth individual category by the bank and so the bank assigned him a relationship manager Ravi Sharma who handled all the bank-related matters for him. He used to do all the work from sign to insurance, mutual funds, FD-related forms and investment-related procedures.

On 12th January 2024, when Monica went to the bank to withdraw money, she was unable to proceed with the transaction even after trying multiple times as the card was getting declined. She immediately called Sharma who advised her to use a debit card instead of a credit card. After withdrawing Rs.12,000 her bank balance showed Rs. 254.

On 16th January, Monica, along with her sisters and father visited the bank where her bank balance was Rs.254, Mr. Vachela’s was Rs.9, his Wife’s was Rs.771 and her sister’s account balances were Rs.144 and Rs.41 which was together supposed to come to an amount around Rs. 10 crore.  

ICICI spokesperson said, “Our customers are our utmost priority, and we are wholeheartedly dedicated to safeguarding their interest. In this case, we will ensure that our customers do not face any financial loss due to fraudulent activity perpetrated by a former employee. We have filed an FIR against the employee and will cooperate with the authorities in their investigation.”

To their surprise, they got to know that Sharma had quit the job 3 months ago. An FIR has been filed against Sharma and Dhwanik Bhat (Sharmas helping hand). 

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