A former relationship manager at ICICI Bank in Kota, Rajasthan, has been arrested for allegedly embezzling ₹4.58 crore from customer accounts and investing it in the stock market. The fraud, which unfolded over the span of two years, resulted in large losses, leaving customers devastated and ultimately betrayed. Bank Official Stole Crores From Fixed deposits, Invested in Stocks.
According to reports, Sakshi Gupta, in her capacity as an employee in the ICICI Bank branch in Shriram Nagar from 2020 to 2023, had:
Fraudulently withdrawn money through over 110 accounts connected to 41 customers.
Manipulated digital banking to gain access to the accounts by changing the registered mobile number to a relative’s number.
Bypassed OTPs and transaction messages to mislead customers about unauthorized withdrawals.
Shifted amounts into stock market investment, with the sole purpose of maximizing his returns.
Stock Market Uncertainty
What Gupta did not plan was that her stock investments would be severely impacted. Instead of making any money, she lost all of the money upfront; profits were simply impossible as they made unexpectedly aggressive investments with her family savings.
How the Fraud was Exposed
The fraud was discovered in February 2024 when a senior customer noticed some suspicious activity in his Fixed Deposit account. He informed the bank, and they found out:
₹3.22 crore had been withdrawn from a single FD account.
Gupta had pooled funds through an FD account belonging to an elderly woman.
The cash outflows were moved through various Demat accounts and then lost to stock trading.
After ICICI Bank conducted a forensic audit, the police lodged a complaint, and Gupta was arrested on May 31, 2025, at her sister’s wedding.2 After her arrest, she was sent to judicial custody and police investigations are continuing to see if anyone else was involved.
The Bank’s Response & Reimbursement to Customers
ICICI Bank told customers they will settle genuine claims and suspended the accused employee. The Bank is also reviewing their internal security controls and due diligence and searching for ways to ensure similar occurrences do not happen again in the future.
This case indicates the need for financial vigilance and how many risks can abound in fraudulent banking practices. Customers are advised to check their accounts regularly, report discrepancies immediately, and ensure their contact information is current and correct; otherwise, they could be potential victims of unauthorized transactions with their money or assets.
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