Sakshi Gupta, a former relationship manager at ICICI Bank’s Shriram Nagar branch in Kota, Rajasthan, has been allegedly involved in embezzling over ₹4.58 crore from 110 fixed deposit (FD) accounts belonging to 41 customers between 2020 and 2023.
Gupta allegedly manipulated digital banking systems by changing registered mobile numbers to those of her relatives, intercepting OTPs and transaction alerts to conceal fraudulent withdrawals. She allegedly diverted the funds into the stock market, where she incurred heavy losses, including her family’s savings.
The scam was uncovered in February 2024 after a senior customer noticed suspicious activity and alerted the bank. Following a thorough investigation, Gupta was arrested in May 2025 during her sister’s wedding. ICICI Bank has suspended her, filed a police complaint, and assured customers that genuine claims have been settled.
A Calculated Betrayal: How the Fraud Was Executed
The fraud, which allegedly spanned over two and a half years, involved a series of sophisticated manipulations. As a relationship manager, Gupta had privileged access to the bank’s ‘User FD’ portal, which she allegedly exploited to prematurely break fixed deposits without the account holders’ consent.
She also allegedly activated overdraft facilities on 40 accounts and disbursed a fraudulent personal loan of ₹3.4 lakh. To avoid detection, Gupta allegedly changed the registered mobile numbers on these accounts to those of her relatives, enabling her to intercept OTPs and transaction alerts. This ensured that the actual customers remained unaware of the unauthorised transactions.
Investigating officer Ibrahim Khan revealed that Gupta even allegedly used the account of an elderly woman as a “pool account” to channel the diverted funds. The stolen money was then routed through multiple Demat accounts and allegedly invested in the stock market, where Gupta suffered significant losses, depleting not only customers’ money but also her family’s savings.
Discovery, Arrest, and Bank Response
The scam came to light in February 2024 when a senior customer noticed a withdrawal of ₹3.22 crore from his FD account and immediately reported it to the branch manager, Tarun Dadhich. This prompted the bank to conduct a comprehensive audit and file a First Information Report (FIR) with the local police.
The investigation revealed the scale and complexity of the fraud, leading to Gupta’s arrest on May 31, 2025, during her sister’s wedding ceremony. She has since been placed in judicial custody as authorities continue to probe the case. ICICI Bank issued a statement emphasising its commitment to customer security and transparency: “The interests of our customers are of paramount importance to us.
Immediately upon discovering the fraudulent activity, we filed an FIR with the police. We have a zero-tolerance policy against any fraudulent activity and have suspended the employee involved. We would like to reassure that genuine claims of impacted customers have been settled.” The bank is also reviewing its internal controls to prevent such incidents in the future.
Expert Advice: Safeguarding Your Bank Accounts
Financial experts stress the importance of vigilance and proactive monitoring to protect oneself from such frauds. “Customers should regularly check their account statements and immediately report any discrepancies to the bank,” advises Ramesh Kumar, a senior banking consultant. He adds, “Always ensure your contact details, especially your mobile number and email, are up-to-date with the bank.
Enable SMS and email alerts for all transactions, and never share your OTPs or passwords with anyone, including bank employees.” Experts also recommend using official banking apps and websites, setting strong passwords, and updating them frequently. In case of any suspicion, customers should escalate the matter to the bank’s grievance cell and, if unresolved, approach the banking ombudsman for redressal.
The Logical Indian’s Perspective
This distressing incident highlights the vulnerabilities that can exist within even reputed financial institutions and the devastating impact of breaches of trust on innocent customers. While ICICI Bank’s prompt response and efforts to compensate victims are steps in the right direction, this case underscores the urgent need for stronger internal controls, enhanced digital security protocols, and regular independent audits to safeguard customer assets.
Beyond technical safeguards, banks must foster a culture of transparency and accountability, empowering customers with timely information and easy recourse mechanisms. As a society committed to empathy, harmony, and coexistence, we must advocate for reforms that prioritise the dignity and security of every depositor. How can banks, regulators, and customers collaboratively build a more trustworthy and resilient banking ecosystem?
