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News18
20 hours ago
- Business
- News18
FDs, Senior Citizens, And Stock Market: Inside The Rs 4.58 Cr ICICI Bank Fraud
Last Updated: 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. About the Author Business Desk First Published: June 08, 2025, 09:57 IST
Economic Times
15-05-2025
- Business
- Economic Times
Indices see modest gains amid choppy trading and FPI uncertainty
Chouhan said the amount of bearish bets that Foreign Portfolio Investors built in Nifty futures on Tuesday was significant, resulting in some caution on Wednesday. Foreign portfolio investors (FPIs) bought shares worth a net ₹931 crore on Wednesday after being marginal buyers worth ₹88 crore the previous day. So far in May, FPIs bought equities worth ₹11,663 crore after purchasing ₹3,416.08 crore in April. Domestic institutional investors (DIIs) bought shares worth ₹316 crore. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: India's equity indices eked out gains in choppy trading on Wednesday, as uncertainty over whether foreigners would continue buying stocks here put a lid on NSE Nifty gained 0.36%, or 88.55 points, to finish at 24,666.90. The BSE Sensex moved 0.22%, or 182.34 points, higher at 81,330.56."Foreign investors sold heavily on Tuesday in the derivatives segment, which led to weakness in the first half of the session (Wednesday), but the markets managed to recover," said Shrikant Chouhan, Head of Research, Kotak said the amount of bearish bets that Foreign Portfolio Investors built in Nifty futures on Tuesday was significant, resulting in some caution on portfolio investors ( FPIs ) bought shares worth a net ₹931 crore on Wednesday after being marginal buyers worth ₹88 crore the previous day. So far in May, FPIs bought equities worth ₹11,663 crore after purchasing ₹3,416.08 crore in April. Domestic institutional investors (DIIs) bought shares worth ₹316 Asian markets posted a stronger performance on easing trade tensions between the US and China. Indonesia and Taiwan gained over 2% while Hong Kong rose 2.3%. South Korea moved 1.2% higher and China advanced 0.9%. Japan declined 0.1%.'The US-China deal and the recovery of the US markets amid the recovery in the dollar index is likely to restrict the foreign buying, which we saw in the recent sessions,' said Chouhan. At home, the broader markets performed better than the blue chips with the Nifty Mid-cap 150 and the Nifty Small-cap 250 indices advancing 1.3% and 1.4%, respectively. The Nifty Microcap 250 Index gained 1.6%. Out of the 4,125 shares traded on BSE, 2802 advanced, while 1,181 declined.'The correction has been steeper in the broader markets recently, and this segment didn't participate in the recent uptrend,' said Pankaj Pandey, head of retail research, ICICI Direct. 'The broader market is catching up with the benchmark indices as US-China trade war fears are receding.'
Time of India
15-05-2025
- Business
- Time of India
Indices see modest gains amid choppy trading and FPI uncertainty
Mumbai: India's equity indices eked out gains in choppy trading on Wednesday, as uncertainty over whether foreigners would continue buying stocks here put a lid on upside. The NSE Nifty gained 0.36%, or 88.55 points, to finish at 24,666.90. The BSE Sensex moved 0.22%, or 182.34 points, higher at 81,330.56. "Foreign investors sold heavily on Tuesday in the derivatives segment, which led to weakness in the first half of the session (Wednesday), but the markets managed to recover," said Shrikant Chouhan, Head of Research, Kotak Securities. Chouhan said the amount of bearish bets that Foreign Portfolio Investors built in Nifty futures on Tuesday was significant, resulting in some caution on Wednesday. Agencies Foreign portfolio investors (FPIs) bought shares worth a net ₹931 crore on Wednesday after being marginal buyers worth ₹88 crore the previous day. So far in May, FPIs bought equities worth ₹11,663 crore after purchasing ₹3,416.08 crore in April. Domestic institutional investors (DIIs) bought shares worth ₹316 crore. Other Asian markets posted a stronger performance on easing trade tensions between the US and China. Indonesia and Taiwan gained over 2% while Hong Kong rose 2.3%. South Korea moved 1.2% higher and China advanced 0.9%. Japan declined 0.1%. 'The US-China deal and the recovery of the US markets amid the recovery in the dollar index is likely to restrict the foreign buying, which we saw in the recent sessions,' said Chouhan. At home, the broader markets performed better than the blue chips with the Nifty Mid-cap 150 and the Nifty Small-cap 250 indices advancing 1.3% and 1.4%, respectively. The Nifty Microcap 250 Index gained 1.6%. Out of the 4,125 shares traded on BSE, 2802 advanced, while 1,181 declined. 'The correction has been steeper in the broader markets recently, and this segment didn't participate in the recent uptrend,' said Pankaj Pandey, head of retail research, ICICI Direct. 'The broader market is catching up with the benchmark indices as US-China trade war fears are receding.'
Time of India
14-05-2025
- Business
- Time of India
Sensex decline: Market retreats 1.5% after record gains amid profit booking
ADVERTISEMENT ADVERTISEMENT ADVERTISEMENT Mumbai: India's broadest equity gauges retreated about 1.5% on Tuesday, as traders booked profits a day after stocks had climbed the most in four truce along the western front and prospects of a Sino-American trade deal had undergirded Monday's stellar performance, with both indices soaring nearly 4% each."On Monday, the announcement of a ceasefire in the India-Pakistan conflict triggered significant short covering, resulting in an overreaction in the markets," said Sham Chandak, head of institutional equities, at Elios Financial Services. "Today, the markets saw some corrections from these elevated levels, and the weekly Sensex expiry contributed to a pullback in the headline indices."The Nifty fell 346.3 points, or 1.4%, to 24,578.3. The Sensex declined 1,282 points, or 1.5%, to 81,148.2. By contrast, the Nifty Midcap 150 gained 0.2% and Nifty Smallcap 250 rose 0.8%.Easing consumer inflation prompted analysts to believe a further reduction in policy rates in the June review could aid risk assets."A rate cut is anticipated in the first week of June, given the limited upside risks to inflation," said Chandak. "Corporate earnings are expected to improve in the coming quarters, supported by a lower base, and the overall macroeconomic indicators remain favourable." He expected the Nifty to trade within the 24,000-25,000 range over the next two to three Shah, head of technical research at ICICI Direct, said the market decline was driven by profit booking. "The market breadth is currently positive, and we may see the Nifty heading toward 25,200 levels in the coming month," he said the mid- and smallcap space is seeing stock-specific action, and earnings are deciding the direction of stock Tuesday, foreign portfolio investors net sold shares worth Rs 477 crore. Domestic institutions were buyers to the tune of Rs 4,274 in Asia, gauges in Japan advanced 1.4%, China 0.2% and Taiwan 1%. The index in Hong Kong fell 1.9%, while the Kospi in South Korea remained pan-Europe index Stoxx 600 was 0.12% higher at the time of going to the end of the trading session, the Nifty's Volatility Index (VIX), the fear gauge, fell 1.04% to 18.2. The index has risen almost 13% in the past of Elios said the US-India trade agreement would be the next trigger, still a couple of months away. "At present, we are constructive on banks, textiles, CDMOs (contract development and manufacturing organisations), microfinance institutions and defence manufacturing companies," he said.
Time of India
14-05-2025
- Business
- Time of India
Market retreats 1.5% after record gains amid profit booking
At the end of the trading session, the Nifty's Volatility Index (VIX), the fear gauge, fell 1.04% to 18.2. The index has risen almost 13% in the past month. Indian equity markets experienced a pullback on Tuesday, with the Nifty and Sensex declining by approximately 1.5% each, following a significant surge the previous day fueled by geopolitical developments. Profit booking and weekly Sensex expiry contributed to the downturn, while mid- and small-cap stocks showed resilience. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: India's broadest equity gauges retreated about 1.5% on Tuesday, as traders booked profits a day after stocks had climbed the most in four truce along the western front and prospects of a Sino-American trade deal had undergirded Monday's stellar performance, with both indices soaring nearly 4% each."On Monday, the announcement of a ceasefire in the India-Pakistan conflict triggered significant short covering, resulting in an overreaction in the markets," said Sham Chandak, head of institutional equities, at Elios Financial Services. "Today, the markets saw some corrections from these elevated levels, and the weekly Sensex expiry contributed to a pullback in the headline indices."The Nifty fell 346.3 points, or 1.4%, to 24,578.3. The Sensex declined 1,282 points, or 1.5%, to 81,148.2. By contrast, the Nifty Midcap 150 gained 0.2% and Nifty Smallcap 250 rose 0.8%.Easing consumer inflation prompted analysts to believe a further reduction in policy rates in the June review could aid risk assets."A rate cut is anticipated in the first week of June, given the limited upside risks to inflation," said Chandak. "Corporate earnings are expected to improve in the coming quarters, supported by a lower base, and the overall macroeconomic indicators remain favourable." He expected the Nifty to trade within the 24,000-25,000 range over the next two to three Shah, head of technical research at ICICI Direct, said the market decline was driven by profit booking. "The market breadth is currently positive, and we may see the Nifty heading toward 25,200 levels in the coming month," he said the mid- and smallcap space is seeing stock-specific action, and earnings are deciding the direction of stock Tuesday, foreign portfolio investors net sold shares worth Rs 477 crore. Domestic institutions were buyers to the tune of Rs 4,274 in Asia, gauges in Japan advanced 1.4%, China 0.2% and Taiwan 1%. The index in Hong Kong fell 1.9%, while the Kospi in South Korea remained pan-Europe index Stoxx 600 was 0.12% higher at the time of going to the end of the trading session, the Nifty's Volatility Index (VIX), the fear gauge, fell 1.04% to 18.2. The index has risen almost 13% in the past of Elios said the US-India trade agreement would be the next trigger, still a couple of months away. "At present, we are constructive on banks, textiles, CDMOs (contract development and manufacturing organisations), microfinance institutions and defence manufacturing companies," he said.
