Sakshi Gupta, a former ICICI employee, steals crores from 110 accounts
A former relationship manager at ICICI Bank’s Shriram Nagar branch in Kota has been arrested for allegedly embezzling over Rs.4.58 crore from multiple customer accounts over a span of more than two years. The accused, Sakshi Gupta, was apprehended by Udhyog Nagar police on May 31 following a comprehensive audit and investigation.
The fraud, which reportedly began in 2020 and continued until 2023, came to light on February 18 this year. Investigators say Gupta gained unauthorized access to more than 110 bank accounts belonging to 41 customers.
Unauthorized transactions and investment losses
According to police, Gupta redirected funds from these accounts into stock market investments, which eventually led to substantial financial losses. In an attempt to mask the fraud, she allegedly altered mobile numbers linked to several accounts, substituting them with numbers belonging to her relatives. This measure prevented account holders from receiving transaction alerts and OTPs.
A formal complaint was filed by branch manager Tarun Dadhich after irregularities were detected during routine account monitoring, prompting a full-scale internal audit.
Systematic misuse of banking tools and facilities
Sub-inspector Ibrahim of Udhyog Nagar police revealed that Gupta operated with considerable sophistication, using a variety of tactics to execute the fraud:
- Unauthorized activation of overdraft facilities on 40 accounts
- Premature closure of 31 fixed deposits, diverting Rs.1.34 crore
- Misuse of debit cards, PINs, and OTPs for online and ATM transactions
- Issuance of a fraudulent personal loan worth Rs.3.4 lakh
- Use of Insta Kiosk machines and digital banking platforms for financial transfers
Investigators also discovered that over Rs.3 crore passed through the account of an elderly woman, allegedly used as a “pool account,” without her knowledge.
Funds moved to multiple Demat accounts
A significant portion of the siphoned funds was found to be transferred to various Demat accounts, which authorities believe was done to obscure the money trail.
Gupta was presented before a local court and remanded to judicial custody after one day of police remand. The case remains under active investigation.
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How can a single rogue person could do all these illegal transactions without anyone noticing it internally for 4+ years. Is the software loosely controlled without internal controls ? Time that key accounts should have RSA authentication system