Kota bank manager diverts Rs 4.6 crore from customer accounts, loses it all in stock market

A relationship manager at ICICI Bank’s Kota DCM branch allegedly siphoned off Rs 4.58 crore from over 110 customer accounts between 2020 and 2023, investing the stolen funds in the stock market where the money was eventually lost.

The fraud, perpetrated by bank employee Sakshi Gupta, involved forging digital access, tampering with customer contact details, and manipulating fixed deposits without consent. Gupta was arrested by the Rajasthan Police on May 31 and is currently in judicial custody, according to a report by Navbharat Times.

A two-and-a-half-year fraud

Police say Gupta’s scheme targeted 41 customers whose mobile numbers were changed without their knowledge, ensuring they received no transaction alerts. Investigating officer Ibrahim Khan said Sakshi Gupta linked her family members’ phone numbers to customer accounts and set up a system to intercept OTPs, ensuring that the account holders don’t get a whiff of the fraud, Navbharat Times reported.

Using the bank’s ‘User FD’ interface, Gupta prematurely broke fixed deposits belonging to 31 clients, transferring Rs 1.35 crore into unauthorised accounts. She also took out a personal loan of Rs 3.4 lakh in someone else’s name and executed transactions through digital platforms such as Insta Kiosk, ATM, and internet banking — even using debit cards of four unsuspecting customers.

Stock market losses extended to family funds

Gupta not only misappropriated client money but also diverted Rs 40–50 lakh from her own family’s accounts into the markets. She reportedly changed mobile numbers and blocked OTPs and alerts linked to those accounts as well. However, her gamble didn’t pay off. “She did not make any profit in the share market; rather, most of the money was lost,” police said.

Red flags and arrest

The case came to light when a senior customer discovered a withdrawal of Rs 3.22 crore from her account on February 15, 2023. This prompted DCM branch manager Tarun Dadhich to lodge a complaint with the Udyog Nagar police station on February 18. Gupta was eventually arrested during her sister’s wedding on May 31.

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An ICICI Bank spokesperson said, “The interest of our customers are of paramount importance to us. Immediately upon discovering the fraudulent activity, we filed an FIR with the police. We have a zero-tolerance policy against any fraudulent activity and thus suspended the employee involved. We would like to reassure that genuine claims of impacted customers have been settled.”

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