Kota ICICI Bank Staffer Swindles ₹4.5 Crore, Gambles It All on Stock Market

Sakshi Gupta, a relationship manager at ICICI Bank’s Kota branch from 2020 to 2023, was arrested for cheating customers of ₹4.5 crore. She changed their contact details to stop alerts and transferred money to a pool account, which she used for stock market trading. The fraud came to light after the branch manager filed a complaint.

In a shocking case of financial fraud, Sakshi Gupta, a relationship manager at ICICI Bank’s Kota branch, has been accused of embezzling ₹4.5 crore from customer accounts. Gupta allegedly manipulated customer contact details to prevent them from receiving transaction alerts, allowing her to siphon off funds undetected. The stolen money was reportedly funneled into a pool account and subsequently used for high-risk stock market trading. The fraudulent activity went unnoticed for months, raising serious concerns about internal security and oversight mechanisms within the bank.

The accused named Sakshi Gupta was posted as a relationship manager at ICICI Banks’s DCM branch, according to a PTI news agency.

Sakshi Gupta, a relationship manager at ICICI Bank’s Kota branch from 2020 to 2023, was arrested for a massive fraud involving ₹4.58 crore. According to police, she stole money from over 110 accounts belonging to 41 customers over a span of two years. Gupta allegedly changed customer contact details to block transaction alerts and transferred the funds into a pool account. She then invested the stolen amount in the stock market, where she lost most of it. The fraud came to light after branch manager Tarun Dadich filed a complaint at Udhyog Nagar Police Station on February 18.

Sakshi Gupta, a relationship manager at ICICI Bank’s Kota branch from 2020 to 2023, was arrested for cheating customers out of ₹4.58 crore. Police said she stole money from over 110 accounts belonging to 41 customers over two years. To avoid detection, she changed the registered mobile numbers of account holders to numbers belonging to her relatives. This prevented customers from getting transaction alerts or OTPs.

Gupta then quietly transferred funds to multiple accounts. In one case, she used the account of an elderly woman—who was completely unaware—as a “pool account” to collect money. By February 15, 2023, she had moved over ₹3 crore into this single account. Most of the stolen money was then invested in the stock market, where she lost a large part of it. The fraud was exposed when branch manager Tarun Dadich filed a complaint at Udhyog Nagar Police Station on February 18.

Sub-Inspector Ibrahim confirmed the details of the case.

Sakshi Gupta, a relationship manager at ICICI Bank’s Kota branch from 2020 to 2023, has been arrested for embezzling ₹4.58 crore from customers’ accounts. According to police, she stole money from over 110 accounts of 41 customers over two years. To avoid detection, she changed the mobile numbers linked to the accounts with those of her relatives, stopping transaction alerts and OTPs from reaching the actual account holders.

Sub-Inspector Ibrahim revealed that Gupta misused debit cards, PINs, and OTPs, and even activated overdraft facilities on 40 accounts without the customers’ knowledge. She also closed 31 customers’ fixed deposits, illegally transferring over ₹1.34 crore, and took a personal loan of ₹3.40 lakh using fraudulent means.

Many of these transactions were carried out using Insta Kiosks, ATMs, and digital banking platforms. She used debit cards from at least 4 customers and routed money into demat accounts to hide her activities. One elderly woman’s account, unknown to her, was used as a pool account to collect over ₹3 crore.

The fraud came to light after branch manager Tarun Dadich filed a complaint at Udhyog Nagar Police Station on February 18, 2023.

Meanwhile, ICICI Bank released a statement saying, “The interest of our customers is most important. We filed an FIR immediately after discovering the issue and have a zero-tolerance policy for any fraudulent activity.” The bank added that Gupta has been suspended and genuine customer claims have already been settled.

Sakshi Gupta, an ICICI Bank relationship manager in Kota, has been arrested for allegedly siphoning off Rs 4.58 crore from customer accounts between 2020 and 2023. She fraudulently withdrew funds from over 100 accounts, investing in the stock market and suffering losses. The bank has filed an FIR, suspended the employee, and settled genuine claims from impacted customers.

KOTA: In a major bank fraud case, Sakshi Gupta, a relationship manager at ICICI Bank’s Shriram Nagar branch in Kota, has been accused of siphoning off ₹4.58 crore from customer accounts between 2020 and 2023. She was arrested by Udhyog Nagar police on May 31 after an investigation into the fraud, which first came to light on February 18 when branch manager Tarun Dadhich filed a complaint.

According to the police, Sakshi fraudulently withdrew money from over 100 accounts belonging to 41 customers over two and a half years. To hide her activities, she changed the mobile numbers linked to many accounts to those of her relatives, preventing customers from receiving transaction alerts and OTPs.

Sub-Inspector Ibrahim stated that Sakshi systematically transferred large sums into various accounts, including over ₹3 crore into an elderly woman’s account that she used as a “pool account” without the woman’s knowledge. She also misused debit cards, PINs, and OTPs, and even activated overdraft facilities on 40 customer accounts without consent. Additionally, she closed fixed deposits and took a personal loan using fraudulent methods.

Most of the siphoned money was invested in the stock market, where she incurred heavy losses. The fraud was carried out using digital banking platforms, ATMs, Insta Kiosks, and demat accounts.