41 victims, 110 accounts: Former ICICI bank official stole crores from FDs, invested in stocks, blew it all
KOTA: A former bank relationship manager of ICICI in Kota has been arrested for allegedly siphoning off over Rs 4.58 crore from customer accounts in a multi-crore fraud that spanned more than two years.
Sakshi Gupta, who worked at the Shriram Nagar branch in the DCM area of Kota city between 2020 and 2023, was arrested on May 31 by Udhyog Nagar police following a detailed investigation.
The fraud was first reported on February 18, police said.
According to investigators, Gupta accessed more than 110 accounts belonging to 41 customers and conducted a series of unauthorised transactions.
She is believed to have redirected funds into stock market investments, which later incurred heavy losses.
In an attempt to conceal the fraud, Gupta allegedly changed mobile numbers linked to several bank accounts, replacing them with those belonging to her relatives.
This prevented the real account holders from receiving transaction alerts and one-time passwords (OTPs), police said.
Bank manager Tarun Dadhich filed a complaint after noticing discrepancies, prompting a full audit and subsequent police action.
'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.'
Investigators found that Gupta had also:
Activated overdraft facilities on 40 accounts without consent
Prematurely closed fixed deposits for 31 customers, diverting Rs 1.34 crore
Misused debit cards, PINs and OTPs for online and ATM transactions
Disbursed a fraudulent personal loan worth Rs 3.4 lakh
Used Insta Kiosk machines and digital banking platforms to carry out many of the transactions
Proceeds from the fraudulent activity were transferred to multiple Demat accounts in what appears to be an effort to cover her tracks.
Gupta was produced in court and remanded to jail after a one-day police remand. The investigation is ongoing.
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