Banking News

ICICI Bank customer accuses manager of stealing Rs 16 crore from her FDs. Bank responds


A Gurgaon woman has accused an ICICI Bank manager of embezzling Rs 16 crore from her account. This was reported by BBC. Shveta Sharma alleged that she transferred funds from her US account to ICICI Bank for fixed deposits, but the bank official created fake accounts, forged signatures, and obtained debit cards and cheque books in her name to withdraw money. The bank spokesperson acknowledged the fraud, emphasizing ICICI’s reputation and commitment to punishment for those involved.

Sharma and her husband, who returned to India from the US and Hong Kong, deposited their life savings of around Rs 13.5 crore into the bank over four years from 2019 to 2023, according to the report, which would have now grown to Rs 16 crore. They opened a Non-Resident External (NRE) account on advice from a banker to take advantage of higher interest rates in India. Despite receiving receipts and regular statements, Sharma was shocked to discover in January that her fixed deposits had vanished.

“He gave me fake statements, created a fake email ID in my name and manipulated my mobile number in the bank records so I won’t get any withdrawal notifications,” she told the BBC.

Despite assurances from the bank, Sharma is still awaiting resolution. She has shared details with bank officials, spent days identifying fraudulent transactions, and lodged complaints with regulatory authorities and the police. The bank offered to deposit Rs 9.2 crore into her account pending investigation, but Sharma rejected it, stating it’s insufficient and would freeze her account until the case is closed.

What ICICI Bank says

The report, citing an ICICI Bank spokesperson said, that the bank acted swiftly after the case was reported. The spokesperson expressed surprise that she had not been “aware of these transactions and balances in her account over the past three years, and only recently observed a discrepancy in her account balance.”The bank has consistently sent transaction details to her registered mobile number and email, he stated, noting that their records show notifications about changes to contact details were sent to her registered mobile number and email address.The accused branch manager has been suspended pending investigation, he mentioned. “We have filed a complaint with the EOW, and we must wait for the police investigation to conclude. If her allegation is proven true, she will receive full reimbursement of her funds, along with accrued interest. However, regrettably, she must endure a waiting period,” he concluded.Also Read: ICICI Bank branch manager duped depositors of crores for years to meet targets

Another case involving ICICI Bank branch manager

ICICI Bank has made headlines for the wrong reasons twice this month alone. An ICICI Bank branch manager and his associates in Rajasthan successfully met business targets by withdrawing funds from unsuspecting account holders, creating a false impression of opening new FDs, current, and savings accounts. However, someone discovered the scheme and began blackmailing them, prompting further embezzlement from customers to pay off the blackmailer. Rajasthan Police confirmed about Rs 2.5 crore has been paid as hush money.

The branch manager and aides manipulated funds to meet performance targets, creating overdrafts against FDs to open new accounts, then closing them to return funds, a technique known as ‘Entry and Reverse Entry’. The ICICI Bank spokesperson emphasized their commitment to investigating and ensuring no financial loss to genuine customers. Police formed a Special Investigation Team to probe the fraud, which involved freezing bank accounts and seizing cash and property. The scam was uncovered when an employee noticed missing funds in a friend’s account, leading to police involvement and the exposure of the scheme. ICICI Bank promptly informed authorities of the scam after discovering irregularities.

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