Rs 4.58 crore siphoned off from customer accounts, FDs! How former ICICI Bank relationship manager pulled off a stunning fraud – explained in 10 points
Rs 4.58 crore siphoned off – over 100 accounts of customers accessed – fixed deposits broken: This is not some movie plot – it’s a stunning fraud that a former ICICI Bank relationship manager pulled off! The multi-crore fraud continued for over two years.The accused, Sakshi Gupta, who served at ICICI Bank’s Shriram Nagar branch in Kota’s DCM area from 2020 to 2023, was taken into custody by Udhyog Nagar police on May 31, 2025 after a thorough investigation.According to a TOI report, police records indicate that the fraudulent activities were initially discovered on February 18.Following ICICI Bank’s internal probe that identified Sakshi Gupta, who previously worked as a relationship manager at the bank’s DCM branch in Kota, as the primary suspect in a significant financial fraud affecting customer accounts, the Kota police have begun their enquiry. The authorities are examining potential accomplices and have asked the bank to furnish pertinent documentation.
How former ICICI Bank relationship manager committed fraud: 10 Points
- The investigation revealed that Sakshi Gupta had gained unauthorised access to more than 110 accounts of 41 customers and executed multiple illegal transactions.
- Investigators found that she had diverted the misappropriated funds into stock market investments, which subsequently resulted in substantial financial losses.
- In order to hide the deception, Gupta allegedly substituted the registered mobile numbers of various bank accounts with those of her family members.
- The actual account holders were unable to receive transaction notifications and one-time passwords (OTPs) due to this modification, according to police reports.
- The investigation revealed multiple fraudulent activities by Gupta, including unauthorised activation of overdraft facilities across 40 accounts.
- Further findings showed that she had unlawfully terminated fixed deposits belonging to 31 clients, channeling Rs 1.34 crore to different accounts.
- The probe uncovered her unauthorised usage of debit cards, along with their associated PINs and OTPs, to conduct various online and ATM transactions.
- Additionally, Gupta was found responsible for processing a fraudulent personal loan amounting to Rs 3.4 lakh.
- The investigation also established that she had extensively utilised Insta Kiosk machines and digital banking platforms to execute numerous fraudulent transactions.
- The illicit funds were distributed across several Demat accounts, suggesting an attempt to conceal the money trail.
After identifying irregularities, bank manager Tarun Dadhich registered a complaint, which led to a comprehensive audit and subsequent police investigation.“She systematically transferred funds, sometimes using the account of an elderly woman who had no knowledge of the activity as a pool account,” said sub-inspector Ibrahim of Udhyog Nagar police station. “By mid-February 2023, over Rs 3 crore had passed through that single account.”Following a one-day police custody, Gupta appeared before the court and was sent to judicial custody. The police continue their enquiries into the matter.A representative from ICICI Bank said, “The interest of our customers are of paramount importance to us. Immediately upon discovering the fraudulent activity, we filed an FIR with the police. We have a zero-tolerance policy against any fraudulent activity and thus suspended the employee involved. We would like to reassure that genuine claims of impacted customers have been settled.”
