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Time of India
2 hours ago
- Business
- Time of India
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
Sakshi Gupta had gained unauthorised access to more than 110 accounts of 41 customers and executed multiple illegal transactions. 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 Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo "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." Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
a day ago
- Time of India
ICICI employee swindlesover 4.5cr from Kotacity branch, arrested
Kota: In a major bank fraud, a relationship manager of ICICI Bank, Sakshi Gupta, has allegedly siphoned off Rs 4.58 crore from customer accounts in Kota city. The accused worked at Shriram Nagar branch of DCM area in Kota and committed the fraud during the 2020-23 period. She was arrested by the Udhyog Nagar police on May 31 following investigation. The crime first came to light on Feb 18 ,following which the branch manager lodged a complaint with the police. According to police, for around two-and-a-half years, Sakshi withdrew funds fraudulently from over 100 accounts of 41 customers. She purportedly invested the money in the stock market, but suffered heavy losses. To prevent customers from noticing, she changed the mobile numbers linked to several accounts to numbers belonging to her relatives, ensuring that transaction alerts and OTPs were not received by the real account holders. Bank manager Tarun Dadhich subsequently filed a complaint against her. According to Udhyog Nagar police station SI Ibrahim, the fraud was first reported on Feb 18. From 2020 to 2023, Sakshi had systematically transferred funds from various customer accounts, in some cases using an elderly woman's account, who was unaware of the activity, as a 'pool account'. She had transferred over Rs 3 crore into this account. Police probe confirmed that Sakshi misused debit cards, PINs and OTPs for these unauthorised transactions, and even activated overdraft facilities on 40 accounts without consent. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Promoções imperdíveis de voos baratos Voos | Anúncios de Pesquisa Saiba Mais Undo She also prematurely closed fixed deposits of 31 customers, channelling Rs 1.34 crore into unauthorised accounts. In addition, a fraudulent personal loan for Rs 3.4 lakh was disbursed. Many transactions were conducted through insta kiosks and various digital banking platforms, with the accused using debit cards of four customers for ATM and internet banking activity. Funds from these frauds were also sent to Demat accounts as part of an attempted cover-up, police said. A statement issued by the 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." Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Time of India
2 days ago
- Time of India
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. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Hindustan Times
26-05-2025
- Business
- Hindustan Times
Upcoming IPO Trends: ESG, Tech, Fintech in Focus
Interest in environmental, social, and governance (ESG), technology (tech), and financial technology (fintech) is on the rise among both retail and institutional investors. Because more people are opening Demat accounts and learning about finance, the number of people taking part in Indian IPOs is surging. The blog explains the biggest transformations occurring in the upcoming IPO in India and looks at how ESG, technology and fintech are affecting the world of investing. ESG factors are increasingly influencing investor choices within India's IPO space. In 2025, future IPOs in sectors such as renewable energy, green tech, and sustainable infrastructure will command notable attention. For example, companies in the power and utilities sector, which dominated the IPO boom in Q4 2023, are transforming their operations to those underpinned by ESG principles to attract environmentally concerned investors. The Indian government's initiative for renewable energy towards 500 GW of non-fossil fuel capacity in 2030 has boosted the interest in future IPOs from solar, wind, and hydrogen energy companies. Also, ESG-certified real estate investment trusts (REITs) like PropShare Titania, which consists of grade A+ office space in Mumbai, are gaining momentum. These properties, entirely leased out to Fortune 500 firms and multinationals, reflect the increasing demand for sustainable commercial real estate. Retail investors, who are encouraged by a demat account, also prefer ESG-compliant businesses. According to a 2024 EY India survey, 60% of Indian investors take ESG considerations while considering IPOs, which reflects a wider trend of responsible investing. As forthcoming IPOs later in 2025 increasingly incorporate ESG metrics into prospectuses, those firms that do not focus on sustainability will find it difficult to gain investor attention. The tech sector remains at the heart of India's forthcoming IPO market, driven by India's evolving startup landscape and the government's Digital India strategy. Sectors like enterprise tech, e-commerce, healthtech, and edtech are seeing a rise in future IPOs, as companies hinge India's digital ecosystem to expand operations and lure investors. In 2024, 13 new-age tech companies, including Ola Electric, Swiggy, and FirstCry, were listed on Indian exchanges, a stark contrast to just 5 in 2023 and 3 in 2022. Investors' interest in unique, profit-making and rapidly expandable businesses drives the success of tech IPOs. As an example, homegrown EV maker Ola Electric managed to raise over ₹5,500 crore during its 2024 IPO thanks to the expanded EV market in India. Furthermore, in 2025, some of the IPOs are expected to come from companies involved in SaaS, cloud computing and AI. Now, several investors apply for IPOs faster by using the ASBA facility. Because technology companies are progressing and listing their shares, the 2025 IPO market will be very attractive for investors. India stands third in the world for fintech, with over 2,100 companies and more than two-thirds of these were created over the last five years. EY-FinTech Convergence Council projects Fintech to reach revenue of $200 billion and hold assets of $1 trillion by 2030. The surging use of online payment, loans, and wealth management services is driving the upcoming IPO in financial technologies. For instance, MobiKwik raised ₹700 crore through its IPO in December 2024, with the company listed on the BSE at a premium of 58.5%. Like other fintech companies, Moneyview, which manages assets worth ₹15,000 crore and brought in revenue of ₹1,012 crore in FY24, is eyeing an IPO worth $400 million or more in 2025. Thanks to AI, machine learning and blockchain, fintech firms are creating products such as digital lending and neo-banking that please not only investors but also users. The sheer rise in Demat accounts revolutionised India's IPO market and has made it retail-friendly. A Demat account is mandatory for subscribing to IPOs, as it stores electronic shares and allows hassle-free transactions. The emergence of discount brokers and fintech platforms has made it easier to open and hold Demat accounts, allowing millions of new investors to participate in future IPOs. The ASBA facility, facilitated by majority of net-banking platforms, enables investors to block money for IPO bids without real-time deductions, adding comfort. With interest in the upcoming IPO in 2025, the Demat account base is expected to surpass 200 million and increase market participation further. Though the upcoming IPO market of India is full of promise, challenges like regulatory issues, geopolitics, and risks of IPO underperformance exist. Fintech players, especially, have to work through changing regulations imposed by SEBI and the RBI. Besides, global macroeconomic conditions also affect investor sentiment, and institutional investors may be sceptical. Nevertheless, opportunities far exceed challenges. The government's emphasis on digital infrastructure, renewable energy, and financial inclusion provides a favourable climate for ESG, tech, and fintech IPOs. The increasing population of retail investors, facilitated by the demat account, guarantees robust demand for future IPOs. Additionally, growing synergy between AI and sustainability through business models raises the attraction of such offerings. India's 2025 IPO market is poised to be an exciting landscape, with the lead role being played by ESG, technology, and fintech industries. The mounting rush of Demat account openings, together with strong economic growth and investor interest, is fueling exceptional participation in IPOs. Note to readers: This article is part of HT's paid consumer connect initiative and is independently created by the brand. HT assumes no editorial responsibility for the content, including its accuracy, completeness, or any errors or omissions. Readers are advised to verify all information independently. Want to get your story featured as above? click here!
Mint
26-05-2025
- Business
- Mint
Dar Credit and Capital IPO share allotment: Latest GMP, how to check status online
Dar Credit and Capital IPO allotment: The allotment of Dar Credit and Capital's initial public offering (IPO) is likely to be finalised today, Monday, May 26 following decent interest and subscriptions for the share sale issue. The SME IPO, valued at ₹ 25.66 crore, opened for bidding on May 21 and closed on May 23. The price band was set at ₹ 60 per share. Investors can check the Dar Credit and Capital IPO allotment status online through the official portal of the IPO registrar Kfin Technologies. The company will credit the equity shares on Tuesday, May 27, into the Demat accounts of investors who have received the allotment. Refunds for rejected applications will also be processed the same day. Dar Credit and Capital IPO is slated to list on NSE SME on Wednesday, May 28, 2025. Step 1: Go to the IPO registrar website of Kfin Technologies. Step 2: From the selection menu, choose Dar Credit and Capital IPO. Step 3: To discover the status, pick a mode – click on PAN, Demat account, or application number. Step 4: Enter the required information, such as your application number, PAN, or Demat Account number. Step 5: Enter the 'captcha' to verify that you are not a robot. Step 6: Click 'submit' to view allotment status. The Dar Credit IPO is entirely fresh issue of 42.76 lakh shares with no offer for sale component. The minimum lot size for an application was 2,000 shares, and the minimum investment required by retail investors was ₹ 1.20 lakh. The IPO closed with overwhelming demand, garnering 106.09 times bids in three days. The IPO received bids for 30.17 crore shares against 28.44 lakh shares on offer. The retail investor segment saw a subscription of 104.88 times, while the non-institutional investors (NII) category was booked 208.45 times. Meanwhile, the Qualified Institutional Buyers' (QIBs) portion was bid 31.29 times. According to the RHP, the company plans to utilise the net issue proceeds to augment its capital base and meet the general corporate purposes. GYR Capital Advisors Private Limited is the book-running lead manager of the Dar Credit and Capital IPO, while Kfin Technologies Limited is the registrar for the issue. The market maker for Dar Credit and Capital IPO is SMC Global Securities Ltd.. Incorporated in 1994, Dar Credit and Capital is a non-banking financial company (NBFC) that provides a range of credit products, including personal loans, unsecured and secured MSME loans. The company primarily caters to low-income borrowers, particularly Class IV (Group D) municipal employees such as cleaners, sweepers, and peons. In addition, Dar Credit extends financial support to small shopkeepers and vendors, with a strong emphasis on fostering women entrepreneurship and economic inclusion at the grassroots level. The IPO's grey market premium (GMP) today is ₹ 16 per share. This indicates an expected listing price of ₹ 76, a premium of 26.7 percent from its issue price of ₹ 60. Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
