ICICI Bank Relationship Manager Embezzles Crores
Sakshi Gupta, a relationship manager at ICICI Bank’s Shriram Nagar branch in Kota, allegedly siphoned off approximately ₹4.58 crore from 110 accounts belonging to 43 customers over a span of around 2½–3 years . Investigators found she replaced registered mobile numbers and email IDs on these accounts, misused debit cards, OTPs, and PINs, broke Fixed Deposits (FDs) prematurely, activated overdraft facilities, and funnelled the funds into the stock market
Fraud Methodology & Tactics
1. Altering Mobile Numbers & Email IDs
She updated contact information with her family’s numbers to suppress real-time alerts and OTP notifications to customers .
2. Misuse of OTPs, PINs & Debit Cards
Unauthorized ATM and online transactions were executed using secured PINs and OTPs .
3. Premature FD Liquidation + Overdraft Activation
She broke 31 customer FDs prematurely, withdrawing ₹1.34 crore, and activated overdraft facilities on around 40 accounts .
4. Pool Account Manipulation
Over ₹3 crore was rerouted through a single elderly customer’s account acting as a “pool account” before distribution .
5. High‑Risk Stock Market Investments
All funds—including ₹50 lakh from her family—were invested in derivatives (F&O) through Demat accounts, ultimately resulting in complete losses .
Victim Profile
- Majority of the 43 customers were elderly and digitally unaware .
- One case involved Ram Lal Suman, a farmer who lost ₹10 lakh after his FD was broken under false pretenses .
- Many discovered missing funds only after visiting the branch, not via SMS alerts .
Internal Audit & Bank Action
- January 2025: Branch manager Tarun Dadhich detected irregular FD activity, prompting an internal review 3.
- 18 February 2025: A formal FIR was lodged following the internal probe .
- The bank reimbursed affected customers and suspended Sakshi, emphasizing its zero-tolerance policy .
Police Investigation & Arrest
- 31 May 2025: Sakshi Gupta was arrested in Rawatbhata; subsequently placed in judicial custody after remand .
- Kota police are investigating possible collusion with other bank officials and reviewing bank documents .
Lifestyle Impact & Social Fallout
- Sakshi indulged in a lavish lifestyle—luxury shopping, weekend movies, and even buying a ₹30 lakh car twice for color preference .
- Post-arrest, she lost both her marriage and job, with her husband resigning and leaving her .
- Customers have expressed their distrust: “When the bank itself is involved, who do we trust?” .
Systemic Weaknesses Revealed
- Large financial manipulations went unnoticed for 2–3 years across 110+ accounts, highlighting serious gaps in oversight .
- Key vulnerabilities included internal system access, outdated customer contacts, and weak transaction alerts.
Key Takeaways
- Monitor Accounts Regularly
Check online statements and FD status periodically. - Verify Contact Information
Always confirm registered mobile and email via official bank channels. - Safeguard OTPs & PINs
Never share these details—even if requested by bank staff. - Seek Clarifications Immediately
Question any unauthorized FD breaks, overdrafts, or loans. - Firewalls Between Staff and Sensitive Operations
Banks must enforce strict controls to prevent a single employee from misusing critical privileges.
Recommendations for the Future
- Frequent security audits and surprise system checks at bank branches.
- Implement mandatory transfer or rotation of employees to prevent long-term misuse.
- Deploy AI-based real-time monitoring, OTP time limits, and multi-party approvals.
- Enhance customer awareness drives, encouraging immediate reporting of unauthorized changes.
Conclusion
The Sakshi Gupta scandal is not just a fraud case—it’s a cautionary tale exposing deep systemic lapses in bank security and internal governance. It demonstrates how personal greed exploited institutional trust, causing massive loss. Moving forward, collective efforts by banks, regulators, and customers are pivotal to rehabilitate trust and tighten safeguards—so such a breach never recurs.
