A relationship manager at ICICI Bank's Kota branch in Rajasthan has been arrested for allegedly siphoning off nearly ₹4.58 crore from over 100 customer accounts and losing the entire sum in stock market investments, local police said.
The accused, identified as Sakshi Gupta, reportedly tampered with 110 customer accounts, primarily targeting elderly clients less familiar with digital banking systems.
Police say she manipulated linked mobile numbers and PINs to prevent account holders from receiving transaction alerts and noticing the fraudulent activity.
Investigators revealed that Gupta misused the account of an elderly woman as a "pool account", funnelling more than ₹3 crore through it.
She also prematurely closed fixed deposits held by 31 customers, diverting over ₹1.34 crore in funds. Additionally, she is accused of taking a personal loan of ₹3.40 lakh in her name.
Authorities said all of the misappropriated funds were invested in the share market, where Gupta ultimately suffered complete losses.
The large-scale fraud came to light after a customer enquired about a ₹1.50 lakh fixed deposit and learned the amount had been transferred without their consent.
Following the discovery, the branch manager filed a police complaint, resulting in Gupta's arrest on 31 May. She was initially remanded for one day and has since been sent to judicial custody.
Senior police official Dilip Saini confirmed that a detailed investigation is ongoing to determine whether others were involved in the operation.
In a statement, ICICI Bank said it reported the matter to the police immediately after uncovering the irregularities. The bank confirmed the employee’s suspension and stated that all “genuine claims of impacted customers have been settled.”
Follow us
