Archive · 11 Jun 2025
ICICI Bank Employee Accused of Multi-Crore FD Fraud
A bank employee at ICICI Bank, named Sakshi Gupta, took money from over 100 customer accounts without their permission.
She took about 4.58 crore rupees, mostly from senior citizens, between 2020 and 2023.
Gupta used the money to invest in the stock market and transferred funds to her family.
The fraud was discovered when a customer checked their account.
ICICI Bank has reported the issue and says customers haven't lost any money.
Experts now want the Reserve Bank of India (RBI) to make sure this doesn't happen again by improving bank security and oversight.
An ICICI Bank employee allegedly stole approximately Rs 4.58 crore from customer accounts.
The fraud involved the unauthorized withdrawal of funds from 110 accounts, primarily belonging to senior citizens.
The employee misused internal banking systems, including closing fixed deposits and transferring funds.
The fraud took place over three years, from 2020 to 2023, at a branch in Kota, Rajasthan.
Financial experts are calling for the RBI to implement stricter measures to prevent future occurrences.
- Who
- Sakshi Gupta, an ICICI Bank employee, is accused of the fraud; financial experts have also been involved in offering suggestions to prevent this type of fraud in the future.
- What
- An ICICI Bank employee, Sakshi Gupta, fraudulently withdrew approximately Rs 4.58 crore from 110 customer accounts.
- When
- The fraud occurred between 2020 and 2023.
- Where
- The fraud took place at ICICI Bank’s Shriramnagar branch in Kota, Rajasthan.
- Why
- Sakshi Gupta allegedly misused internal banking systems for personal financial gain.
Regulatory Response
Banking Practices
Need for Regulatory Action
Regulatory Response
The RBI should strengthen its supervisory mechanisms and monitoring framework.
Banking Practices
Stricter banking norms, such as tokenization for fixed deposits, can safeguard customer information and prevent misuse.
- Perpetrator
- Sakshi Gupta
- Location
- ICICI Bank, Shriramnagar branch, Kota
- Amount Stolen
- Rs 4.58 crore
- Accounts Affected
- 110
- Timeframe
- 2020-2023
- Methods Used
- Premature FD closures, overdrafts, digital transfers