GUNTUR: Just a few days after financial irregularities reportedly worth Rs 30 crore surfaced at the ICICI Bank branch in Chilakaluripet, a similar incident has been reported at the ICICI Bank branch in Narasaraopet, raising concerns about the safety of deposits and gold ornaments held by the bank.
Initial investigations suggest that the former branch manager misappropriated funds from fixed deposit accounts for personal use. Additionally, mortgaged gold items were either sold or re-mortgaged at other banks for profit.
The branch manager involved in the misappropriation at the Chilakaluripet branch is also believed to have committed fraudulent activities at the Narasaraopet branch.
Speaking to TNIE, Narasaraopet DSP K Nageswar Rao said that multiple financial irregularities have been identified at both the Chilakaluripet and Narasaraopet branches, with the branch manager engaging in fraudulent practices concerning fixed deposits and gold mortgages.
However, no official complaint has been filed with the police, as the bank is still conducting an internal investigation in accordance with RBI guidelines, he added.
The branch manager has a troubling history, having previously worked at branches in Narasaraopet, Chilakaluripet, and Vijayawada. He has faced suspensions in the past for misappropriating Rs 65 lakh at the Vijayawada branch.
Reportedly, he also paid customers monthly interest from his personal account. The customers, who trusted him completely, shared OTPs (One-Time Passwords) without hesitation. Along with a gold appraiser from the branch, the former manager took advantage of customers who lacked knowledge of banking procedures and manipulated them.
ICICI Bank has committed to investigating the irregularities at both the Chilakaluripet and Narasaraopet branches to safeguard its customers’ interests. Sandeep Mehra, ICICI Zonal Manager from Mumbai, visited Narasaraopet on Monday to meet with customers who were duped by the former manager.