Icici Relationship Manager Used Senior Citizens’ Money To Trade Derivatives, Held For Rs 4.58 Cr Scam

ICICI Bank is astatine nan centre of a important financial ungraded aft a narration head allegedly stole Rs 4.58 crore from customers betwixt 2020 and 2023. The 26-year-old worker executed nan fraud during her tenure by exploiting financial products specified arsenic fixed deposits and individual loans, according to nan bank's soul audit report.

The bank's audit team, which uncovered nan fraudulent activities, instantly informed nan branch manager, who past revenge a First Information Report (FIR) starring to her apprehension connected 31 May 2025, a study successful nan Economic Times stated. 

The accused managed nan fraud by utilizing aggregate banal broking platforms, including ICICI Direct and Zerodha, to waste and acquisition successful derivatives. This was facilitated by prematurely breaking fixed deposits, creating overdrafts, and taking individual loans successful customers' names without their consent. 

"She is now 26 years aged and this crime was committed by her from 2020 to 2023 i.e. during her play of employment pinch ICICI Bank. Our constabulary investigation has revealed that she utilized aggregate banal broking websites and apps for illustration ICICI Direct, Zerodha (Kite), to waste and acquisition successful nan derivative conception (Future and Options)," said Additional SP Dilip Saini. 

The fraud chiefly targeted elder citizens who were little acquainted pinch integer banking, further complicating discovery efforts. The worker skilfully covered her integer tracks, making discovery challenging for colleagues and nan branch manager. 

The Superintendent of Police successful Kota, Rajasthan, disclosed that nan mostly of nan victims targeted by nan individual, who utilized their accounts to money her banal marketplace endeavors, were aged individuals pinch constricted exertion skills. The constabulary further revealed that she efficaciously concealed her activities and integer presence, eluding discovery by her coworkers and branch manager. It was only done nan diligent efforts of nan bank's soul audit squad that nan strategy was uncovered and brought to light.

"This scam that she utilized to tally during her employment (2020-2023) was brought to our announcement by nan ICICI Bank branch head who successful move was informed by nan bank’s soul audit team. Although we arrested her, but we judge specified a mini property woman could not person managed to behaviour this scam alone, location must beryllium different accomplices. We are still investigating. We person traced each nan affected slope customers and recovered astir of them were elder citizens who are not truthful tech savvy and simply invested successful FDs and different banking products," Saini added. 

In consequence to nan fraud, ICICI Bank reaffirmed its committedness to customer security, stating, "The liking of our customers are of paramount value to us. Immediately upon discovering nan fraudulent activity, we revenge an FIR pinch nan police. We person a zero-tolerance argumentation against immoderate fraudulent activity and frankincense suspended nan worker involved. We would for illustration to reassure that genuine claims of impacted customers person been settled." The slope has revenge each basal reports and is cooperating pinch nan ongoing investigation to place immoderate imaginable accomplices. 

The investigation revealed that a third-party relationship was utilized arsenic a excavation relationship to consolidate nan stolen funds. "Investigation besides revealed that she utilized a 3rd party's relationship arsenic a excavation relationship to cod each nan money she took retired by prematurely withdrawing nan FDs, creating overdrafts (ODs) and moreover individual loans successful nan customer's name," nan constabulary said. 

Published on: Jun 7, 2025 1:21 PM IST