Major Bank Fraud Uncovered in Kota: ICICI Bank Relationship Manager Sakshi Gupta Arrested for Rs. 4.58 Crore Embezzlement
Kota, Rajasthan – In a shocking revelation that has sent ripples through the financial sector, Sakshi Gupta, a relationship manager at the ICICI Bank’s DCM branch in Kota, has been arrested for allegedly siphoning off a staggering ₹4.58 crore from customer accounts. The fraud, which reportedly spanned from 2020 to 2023, involved the manipulation of fixed deposits, unauthorized transactions, and the diversion of funds into the stock market where most of the money was lost.
According to police investigations, Gupta, who worked at the Shriram Nagar branch in Kota, systematically defrauded over 110 accounts belonging to 41 customers. The elaborate scheme involved misusing the ‘User Fixed Deposit‘ link to withdraw money, prematurely closing fixed deposits, activating overdraft facilities without consent, and even taking out personal loans in customers’ names.
One of the key methods employed by Gupta to conceal her activities was to change the mobile numbers linked to customer accounts to those of her family members. This ensured that customers did not receive transaction alerts or One-Time Passwords (OTPs), allowing her to operate undetected for an extended period. In some instances, she reportedly used an elderly woman’s account as a “pool account” to funnel over ₹3 crore.
The fraud came to light in February 2025 when a customer approached the bank to inquire about his fixed deposit, leading to the discovery of discrepancies. Following this, the branch manager, Tarun Dadich, filed a complaint with the Udhyog Nagar Police Station on February 18.
Police swiftly launched an investigation, which revealed the scale and intricacy of the fraud. Sakshi Gupta was arrested on May 31 from her parental home in Rawatbhata, Chittorgarh district, and has since been sent to judicial custody.
ICICI Bank has issued a statement confirming the incident and emphasizing their commitment to customer interests. The interests of our customers are of paramount importance to us. Immediately upon discovering the fraudulent activity, we filed an FIR with the police,” an ICICI Bank spokesperson stated. The bank further added that it has a “zero-tolerance policy against any fraudulent activity” and has suspended the employee involved. Crucially, ICICI Bank has reassured that genuine claims of impacted customers have been settled, indicating that customers will not bear the financial loss due to this fraud.
This case highlights the vulnerabilities that can arise even within regulated financial institutions due to insider fraud. Authorities are continuing their investigation to ascertain if any other individuals were involved or complicit in the scam. Meanwhile, customers are being advised to regularly monitor their bank statements and transaction alerts to promptly report any irregularities. The incident serves as a stark reminder of the importance of vigilance in financial dealings.