FDs, Senior Citizens, And Stock Market: Inside The Rs 4.58 Cr ICICI Bank Fraud

News18

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A 26-year-old ICICI Bank manager in Kota, Rajasthan, was arrested for siphoning Rs 4.58 crore from senior citizens' FDs and loans between 2020 and 2023.
ICICI Bank Fraud Case: Banks are considered one of the safest places to park your unused money when you don't need it. Fixed Deposit, a financial instrument of giving your money to banks in returns of fixed interest and the full amount after the tenure, is popular among Indians, especially millennials. FDs not only help to secure your money but also allow you to reduce the risk of inflation-beaten deduction of value.
The illusion of safety can be broken into pieces if the entrusted employees of a big public lender bank have stolen your money parked in FDs.
A shocking case has come to the spotlight where a bank manager of ICICI bank from Kota, Rajasthan was alleged to siphon off money from Senior Citizens' FDs and loans in a period of three years.
A 26-year-old ICICI Bank relationship manager has been arrested for allegedly siphoning off Rs 4.58 crore from customers, mainly senior citizens, between 2020 and 2023. The fraud was uncovered by the bank's internal audit team, which alerted the branch manager, leading to a police FIR and her arrest on May 31, 2025.
According to reports, the employee misused financial instruments like fixed deposits, overdrafts, and personal loans in customers' names without consent. She misused the digital naivety of the senior citizen's customers.
The accused employee is reported to be used the stolen money in stock market. She used the platforms like ICICI Direct and Zerodha to trade in derivatives.
The reports state that most of the customers who had been duped were seniors without any knowledge of digital banking.
The employee reportedly concealed her tracks well, delaying detection.
How the fraud unfolded (2020–2023):
1) Targeted Elderly Customers:
The accused focused on senior citizens who had fixed deposits (FDs) and limited tech knowledge.
2) Misused Financial Products:
Prematurely broke customers' FDs
Created overdrafts (ODs)
Took personal loans — all in customers' names, without their consent
3) Routed Funds to a Third-Party Account:
She transferred the stolen funds to a third-party 'pool account" to avoid detection.
4) Traded in Stock Market:
She used the stolen money to trade in derivatives (F&O) on platforms like ICICI Direct and Zerodha (Kite).
5) Covered Her Digital Tracks:
She skillfully hid her online activity, making it hard for coworkers or managers to spot the fraud.
6) Audit Team Detected Irregularities:
ICICI Bank's internal audit team uncovered the scam, leading to her suspension and arrest.
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Business Desk
First Published:
June 08, 2025, 09:57 IST