A disturbing case of financial fraud has come to light involving an ICICI Bank relationship manager in Kota, Rajasthan, who allegedly siphoned off ₹4.58 crore from customer accounts, primarily targeting senior citizens and fixed deposits. The accused, Sakshi Gupta, a 26-year-old, was arrested on May 31, 2025, and is currently in judicial custody after an investigation revealed a complex scheme spanning from 2020 to 2023.
Gupta, who worked at the Shriram Nagar branch of ICICI Bank, reportedly accessed over 110 accounts belonging to 41 customers, misusing the 'User FD (Fixed Deposit)' system to conduct unauthorized transactions. The modus operandi involved prematurely closing fixed deposits, activating overdraft facilities without consent, and even disbursing fraudulent personal loans. A significant portion of the stolen funds, ₹1.34 crore, came from the premature closure of fixed deposits belonging to 31 customers. To further mask her activities, Gupta allegedly changed the mobile numbers linked to these accounts, replacing them with those of her relatives. This ensured that the actual account holders did not receive transaction alerts or OTPs, preventing them from immediately detecting the fraud.
According to the police, Gupta used the siphoned funds to invest in the stock market, hoping for quick and substantial returns. However, her investments resulted in heavy losses, leaving her unable to return the money to the customers' accounts. It was discovered that Gupta had also misused debit cards, PINs, and OTPs for online and ATM transactions and utilized Insta Kiosk machines and digital banking platforms to execute many of the fraudulent transactions. Funds were also transferred to multiple Demat accounts in an attempt to conceal the illicit activity. In one instance, Gupta used the account of an elderly woman as a "pool account," funneling over ₹3 crore through it without the woman's knowledge.
The fraud was uncovered when a customer visited the bank to inquire about their fixed deposit, raising suspicions and prompting an internal audit. The bank's branch manager then filed a First Information Report (FIR) with the Udhyog Nagar police station on February 18, leading to Gupta's arrest. ICICI Bank has since stated that it has a "zero-tolerance policy" towards fraudulent activities and has suspended the employee involved. The bank also assured that the genuine claims of the impacted customers have been settled.
The incident has raised serious questions about internal controls and oversight within banks, particularly concerning fixed deposits and the vulnerability of senior citizens. Financial experts are urging the Reserve Bank of India (RBI) to implement stricter measures to prevent such incidents in the future. Suggestions include introducing systems like tokenization for fixed deposits, ensuring sensitive information is accessible only to the account holder, and strengthening supervisory mechanisms to detect fraud early on. The police are continuing their investigation, suspecting that Gupta may have had accomplices, given the scale and complexity of the fraud. They are also looking into how she managed to conceal her activities from coworkers and the branch manager for so long. This case serves as a stark reminder of the importance of vigilance, robust internal controls, and the need for banks to protect their customers, especially senior citizens, from financial fraud.
