ICICI Bank Fraud Uncovered: Relationship Manager Sakshi Gupta Arrested in ₹4.58 Crore Scam Targeting Elderly Customers
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| ₹4.58 crore fraud at ICICI Bank in Kota |
Table of Contents:
- Introduction: A Breach of Trust at ICICI Bank
- The Mastermind and Modus Operandi: How the Fraud Unfolded
- The Scale and Duration of the Deception
- Misappropriation and Loss of Funds: The Ill-Fated Investment
- Detection, Arrest, and Ongoing Investigation
- Bank's Stance and Customer Reassurance
- Implications and Lessons Learned: Protecting Customer Trust
- Conclusion: A Reminder of Vigilance in Banking
Alternative Article Titles:
- ICICI Bank Relationship Manager Arrested for ₹4.60 Crore Customer Account Fraud
- Kota ICICI Bank Scam: Sakshi Gupta Accused of Defrauding 41 Customers Over 2.5 Years
- Elderly Customers Targeted in Multi-Crore Fraud at ICICI Bank Kota Branch
Introduction: A Breach of Trust at ICICI Bank
A significant financial fraud case has come to light at an ICICI Bank branch in Kota, Rajasthan, involving a former relationship manager accused of siphoning off a substantial amount of money from customer accounts. Sakshi Gupta, the primary accused, allegedly defrauded customers of approximately ₹4.58 crore (or ₹4.60 crore as reported in some sources) over a period of two and a half years. This incident underscores the critical importance of trust in banking relationships and highlights the vulnerabilities that can arise when internal controls are bypassed by unscrupulous individuals.
The Mastermind and Modus Operandi: How the Fraud Unfolded
Sakshi Gupta, who served as a relationship manager at the ICICI Bank's Shri Ram Nagar branch in Kota, is at the center of this elaborate fraud. Her position allowed her to build trust with customers, particularly targeting elderly individuals who might be less tech-savvy or more reliant on bank staff for their financial operations. The modus operandi was meticulously planned and executed over a prolonged period:
- Account Manipulation: Gupta allegedly accessed and manipulated accounts belonging to 41 to 43 different customers.
- Data Tampering: A key part of her scheme involved changing the registered mobile numbers of these customers, diverting transaction alerts and OTPs (One Time Passwords) to numbers under her control.
- PIN Alterations: She is also accused of altering account PINs, further gaining unauthorized access to the funds.
- Unauthorized Transactions: With control over mobile numbers and PINs, Gupta systematically withdrew money from approximately 110 accounts linked to these customers, making unauthorized transactions.
Her position as a trusted relationship manager allowed her to carry out these manipulations unnoticed for an extended period, exploiting the very trust that forms the bedrock of banking.
The Scale and Duration of the Deception
The fraud reportedly spanned a significant duration, beginning in **2020 and continuing until 2023**, a period of roughly two and a half years. During this time, Sakshi Gupta allegedly managed to siphon off a total of **₹4.58 crore** (or ₹4.60 crore, as cited in some reports). The long duration indicates a systematic and sustained effort to defraud customers, highlighting a potential lapse in the bank's internal monitoring and audit mechanisms over this period.
Misappropriation and Loss of Funds: The Ill-Fated Investment
Upon questioning, it was revealed that Sakshi Gupta did not use the defrauded money for personal luxury or lavish spending in the traditional sense. Instead, she allegedly diverted the entire sum into the volatile **share market**. Unfortunately for her, and tragically for the victims, all the invested money was reportedly lost due to market fluctuations or poor investment decisions. This aspect of the case adds another layer of complexity, as the funds are now irrecoverable from the investment made by the accused.
Detection, Arrest, and Ongoing Investigation
The fraud eventually came to light, leading to a formal complaint lodged by ICICI Bank Manager, Tarun Dadhich. Following the complaint and subsequent investigation, Sakshi Gupta was arrested on May 31, 2025, and has since been sent to jail. The police investigation is actively ongoing, focusing on whether other individuals were involved in this extensive scam. Authorities are working to determine the full extent of the network, if any, that might have facilitated or been aware of Gupta's activities.
Bank's Stance and Customer Reassurance
In response to the fraud, ICICI Bank has issued a public statement to reassure its customers. The bank has clarified that all legitimate claims from affected customers have been fully settled, and no customer has suffered any financial loss as a result of this fraud. This swift action by the bank aims to uphold customer trust and mitigate the reputational damage caused by the incident. It emphasizes the bank's commitment to protecting its customers' interests, even when internal breaches occur.
Implications and Lessons Learned: Protecting Customer Trust
This case serves as a crucial reminder of the vulnerabilities within the banking system, particularly when it comes to the human element. The targeting of elderly customers, who often place immense trust in their bank representatives, highlights a significant ethical breach. It underscores the critical need for banks to implement and rigorously enforce multi-layered security protocols, including enhanced scrutiny of internal transactions, regular audits of relationship manager activities, and direct, secure communication channels with customers for all account changes. Customers, especially senior citizens, are also advised to regularly check their account statements and verify any changes to their contact details or transaction patterns.
A Reminder of Vigilance in Banking
The arrest of Sakshi Gupta and the unraveling of the ₹4.58 crore fraud at ICICI Bank in Kota is a significant development in the ongoing fight against financial crime. While ICICI Bank has moved swiftly to compensate its affected customers, the incident is a stark reminder for both financial institutions and individuals about the constant need for vigilance. It reinforces the importance of robust internal controls, continuous monitoring, and customer awareness to prevent such breaches of trust and safeguard the financial well-being of the public.
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