Rs.28 cr fraud in ICICI Bank’s three branches
Account holders at three branches of ICICI Bank in Andhra Pradesh’s Palnadu and NTR districts have reportedly lost approximately Rs.28 crore in a significant financial scandal. The Crime Investigation Department (CID) is currently investigating the matter, which affects 72 customers from the Chikaluripet and Narsaraopet branches in Palnadu and one branch in Vijayawada.
CID Additional Superintendent of Police Adinarayana stated that the investigation was initiated following a complaint from the bank’s Vijayawada Zonal Officer. Authorities are interrogating several bank employees to determine their involvement in the alleged diversion of funds.
The issue came to light when account holders noticed that interest payments on their fixed deposits had not been credited for two consecutive months. Upon inquiry, they were shocked to learn from bank officials that their fixed deposit bonds were no longer valid.
Victims subsequently lodged a formal complaint with the police, prompting an investigation by the CID. The bank’s Zonal Officer in Vijayawada also requested CID’s involvement to look into the matter more thoroughly.
Investigators revealed that Naresh Chandrasekhar, a former manager at the affected branches, is suspected of diverting funds from the fixed deposits. Some customers who had deposited cheques also reported being cheated. “There are three to four categories of customers who were cheated. We are recording their statements,” a CID official noted.
The bank had been aware of the irregularities since July and subsequently suspended Chandrasekhar while initiating a departmental inquiry against him. The CID has requested the findings from this internal investigation, expressing optimism about making significant progress in the case within the next few days.
Chilkaluripet MLA P Pulla Rao has assured support for the affected account holders and urged bank officials to ensure justice for the victims.
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