JAIPUR: In a massive financial fraud case, a female officer at a private bank in Kota has been arrested for misappropriating over Rs 4.58 crore from customer accounts over a span of three years.
The accused, Sakshi Gupta, was serving as a relationship manager at ICICI Bank and is alleged to have diverted funds from fixed deposits to invest in the stock market and faced heavy losses.
Police officials revealed that between 2020 and 2023, Gupta illegally withdrew money from 110 fixed deposit accounts belonging to 41 customers. She exploited a system loophole known as the "User FD" link to access and siphon off funds without triggering alerts to the account holders.
The fraud remained undetected for years and only came to light after a managerial transfer at the branch. When a customer recently visited the bank to redeem a matured fixed deposit, discrepancies in the account triggered an internal inquiry.
Investigating Officer Ibrahim Khan said Gupta rerouted OTPs (One-Time Passwords) from customers’ accounts to her own system by linking phone numbers of her relatives. This allowed her to carry out high-value transactions without the account holders being notified.
"She developed a system that intercepted OTPs, ensuring customers remained unaware of the unauthorized withdrawals. We’re investigating who else may have been involved — inside or outside the bank," Khan said.
ICICI Bank reacts, says affected customers compensated
Gupta was taken into custody late on Wednesday night during her sister’s wedding. She has been sent to judicial custody while police continue their investigation.
Her mobile phone and laptop have been seized, and the cyber forensics team is analyzing the data for digital evidence of the crime.
Following the revelation, ICICI Bank issued a statement confirming Gupta’s suspension and the filing of an FIR.
"Customer trust is our top priority. Upon discovering the fraudulent activity, we promptly reported the matter to law enforcement. The employee has been suspended, and we’ve resolved all genuine claims raised by affected customers," a bank spokesperson stated.
Silent victims, quiet settlements
Most of the affected customers have remained silent, as the bank is believed to have compensated them privately. Officials suggest this may have been an attempt to preserve the bank’s reputation. The police are now reaching out to all impacted customers for formal statements and verification.
Investigators are also examining the possible involvement of other bank employees and external collaborators. Further arrests are likely as the probe expands.