ICICI Bank Scandal: Customer Shocked by Bank Manager’s $1.9 Million Theft Revelation

Customer Shocked by Bank Manager's $1.9 Million Theft

Customer Shocked by Bank Manager’s $1.9 Million Theft Revelation.

Shveta Sharma, an Indian woman, has accused a manager at ICICI Bank, one of India’s largest banks, of defrauding her of 160 million rupees ($1.9 million). Sharma, who transferred money to ICICI Bank from her US account, intended for it to be invested in fixed deposits. Allegedly, a bank official engaged in fraudulent activities, creating fake accounts, forging Sharma’s signature, and manipulating her mobile number to withdraw money. The fraud, amounting to Sharma’s life savings over four years, was not immediately apparent as the bank official provided fake statements and manipulated notifications to conceal the unauthorized transactions.

The deception came to light in early January when a new bank employee offered to enhance Sharma’s returns, leading to the discovery that her fixed deposits had vanished. Despite Sharma’s meetings with top bank officials and providing details of the fraudulent transactions, she still awaits her money’s return more than six weeks later.

ICICI Bank has admitted to the fraud, emphasizing its commitment to resolving the issue and punishing those involved. The bank offered to deposit 92.7 million rupees into Sharma’s account with a lien pending the investigation’s outcome. However, Sharma rejected the offer, stating that it fell short of the 160 million rupees owed and would freeze her account during the prolonged police investigation.

This incident follows another fraud case involving ICICI Bank earlier in the month, where a branch manager and aides were implicated in duping depositors of billions of rupees. In that case, the bank took swift action against the manager, assuring that none of the customers lost money.

The allegations by Sharma underscore concerns about fraud in Indian banking, highlighting the need for increased vigilance among customers. Srikanth L, who oversees a fintech watchdog called Cashless Consumer, notes that while such cases are unfamiliar, customers must remain vigilant and monitor their accounts regularly. Customers’ lack of double checks can make them susceptible to fraud, especially when trust is placed in bank officials.

ICICI Bank maintains that Sharma will recover her money once the police investigation concludes and her allegations are proven. Despite the bank’s assurance of punishment for those involved, the incident adds to the growing scrutiny of the security and integrity of financial transactions in India.

 

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