From trust to trickery: how a front-desk relationship manager turned affectionate greetings into fraudulent farewells.
Key Highlights at a Glance
- Employee Involved: Sakshi Gupta, Relationship Manager at ICICI Bank’s Kota branch
- Fraud Span: 2020–2023
- Amount Stolen: ₹4.58 crore (approx.) from 110+ accounts across 41 customers
- Tech Tricks: Changed OTP mobile numbers to hide transactions
- Modus Operandi: Used “pool account” — including ₹3 crore from one elderly customer
- Investment Disaster: All stolen funds were lost in risky stock-trading
- Discovery: Fraud uncovered in February 2023; Sakshi arrested May 31, 2025
- Investigation Ongoing: Police probing for accomplices; ICICI cooperating
1. How Did It Unfold?
A ticket to trust became a ticket to trouble: Sakshi Gupta, once a trusted ICICI relationship manager in Kota’s DCM branch, allegedly siphoned off ₹4.58 crore over three years by abusing banking channels
She targeted unsuspecting customers—many of them elderly—opening or manipulating overdrafts, prematurely breaking fixed deposits, and even sanctioning loans in their names without their knowledge.
2. The Clever (and Crooked) “Pool Account” Scheme
In an elaborate yet calculated move, Sakshi used an elderly woman’s account to create a “pool”—a repository where over ₹3 crore passed through by February 2023.
This tactic helped her conceal fraudulent transfers across multiple accounts and delay detection from both customers and the bank.
3. Sneaky Security Breaches
Here’s how she covered up:
- Mobile number hijacks: OTPs and transaction alerts redirected to device numbers of her relatives.
- Debit tool exploitation: Misused debit cards, PINs, and ATM/internet banking; even activated overdrafts without consent across 40+ accounts.
- Fake loan issue: A personal loan of ₹3.4 lakh was approved in someone else’s name
4. Breaking FDs & Forced Overdrafts—Her Next Moves
Sakshi relentlessly drained the funds:
- Fixed deposit withdrawals: She prematurely closed 31 FDs, extracting ₹1.34 crore without informing customers.
- Unauthorized loans: Financed a personal loan in others’ names.
- Digital withdrawal spree: Went full throttle with ATM and online transactions via Insta kiosks and branch systems, funneling funds into her trading accounts.
5. The Stock Market Gamble that Went Bust
With all stolen funds in hand, Sakshi poured the money into futures and options trading via platforms like Zerodha and ICICI Direct.
But luck wasn’t on her side—the entire ₹4.58 crore vanished, leaving nothing behind. Even loot couldn’t survive the bull-and-bear battle.
6. How and When It Was Discovered
Discrepancy caught:
- A customer went to check an FD only to find it closed—and money gone.
- This triggered a complaint by branch manager Tarun Dadhich on February 18, 2023.
Police were brought in, ICICI conducted internal audits, and the scam finally unraveled. Over the next two years, the investigation deepened.
7. Arrest & Aftermath
Sakshi was arrested on May 31, 2025, and sent to judicial custody.
ICICI swiftly:
- Suspended her employment
- Settled legitimate customer claims
- Filed an FIR immediately upon discovery
Both bank and law enforcement are probing whether she had help—from inside the organization or outside accomplices.
8. Victims Speak Out
Affected customers, particularly senior citizens, felt deeply betrayed:
“I never got any OTPs; a simple FD inquiry revealed everything.” Multiply that betrayal across 41 families, and you see the gravity of the damage.
Hidden losses and stolen retirement funds left many shocked and displaced from their financial routines.
9. What FAQs People Are Asking
| Question | Answer |
|---|---|
| How much was stolen? | ₹4.58 crore over three years from 110 accounts held by 41 customers. |
| How did she hide it? | Blocked OTPs by changing mobile numbers, used a pool account, misused digital tools . |
| What happened to FD money? | She prematurely closed 31 FDs, withdrawing ₹1.34 crore on them . |
| Was it invested? | Yes—in the stock market, but the entire amount was lost . |
| Has she been arrested? | Yes, on May 31, 2025; currently in judicial custody . |
| What did ICICI do? | Filed FIR, suspended her, audited the branch, and settled genuine claims . |
| Is the probe still on? | Yes—police are investigating possible network or systemic failures . |
10. Ripple Effects & Lessons Learnt
Internal audits & controls:
The fraud would not have continued if internal systems flagged the sudden mobile number changes or repeated FD closures earlier
Customer vigilance:
Bank users are now urged to regularly check balances and keep transaction alerts on—even after SIM changes.
Digital trust broken:
When bank technology meant for safety is misused, it raises fundamental questions about digital banking security.
11. ICICI Response & Industry Reflections
ICICI has stressed “zero-tolerance” for fraudsters and pledged safer account monitoring systems.
This incident spotlights how employees can exploit system loopholes—suggesting that even high-profile banks need regular internal stress-tests, mystery checks, and surprise audits.
12. Emotional Toll on Customers
- Retirement savings drained: Many victims relied on FDs for stability. Their funding vanished overnight.
- Trust shattered: A trusted manager turned deceiver. For victims, it’s not just money—it’s betrayal.
- Stress & anxiety: Elderly customers had to fight to recover their money while hospitals bills and daily needs still demand payment.
13. What Happens Next?
- Police investigation: Ongoing. Expect more names to pop up—colleagues or insiders who helped her.
- Legal charges: She faces multiple sections under the Indian Penal Code and the Banking Regulation Act.
- Reforms at ICICI: Expanded security, more automated alert systems, employee background checks.
- Customer compensation: Bank has assured settlements; hopefully, full refunds and damages awarded.
A trusted ICICI employee, once the face of customer-centric service, turned that very trust into a criminal act.
Her downfall—driven by greed and stalled by recklessness—cost 41 families crores in trust and treasure.
This case isn’t just about a money trail—it’s about warning bells for the banking sector and lesson for banking customers.
Because financial safety is not just about vaults and audits; it’s about the person smiling across the desk—and the system behind them.
