How a Trusted Banker Turned Fraudster
In a stunning breach of trust, Sakshi Gupta, a relationship manager at ICICI Bank's Kota branch, orchestrated a ₹4.58 crore fraud by siphoning off funds from 110 fixed deposit (FD) accounts belonging to 41 unsuspecting customers. Between 2020 and 2023, Gupta misused her access to the bank's internal systems and gambled the stolen money in the stock market — only to lose it all.
This high-stakes fraud Unraveled not due to internal audits or oversight, but when a customer walked in to check the status of his FD. What emerged from that routine inquiry shocked everyone, revealing a two-year-long scam that had flown entirely under the radar.
The Modus Operandi: Tampering with Systems, Silencing Alerts
According to investigators, Gupta manipulated the ‘User FD’ link in the system to siphon off large sums. To ensure no alerts reached the victims, she even replaced the registered mobile numbers on file with those belonging to her family members. She had also rigged her computer to receive OTPs for financial transactions — a move that effectively shielded her actions from customer detection.
“She withdrew crores and used that money for stock market trading. She was confident of making a profit and returning the funds before being caught. But the market didn’t cooperate,” said investigating officer Ibrahim Khan.
Her arrest — dramatically made during her sister’s wedding — brought an end to the spree. She is now in judicial custody.
Bank’s Response and Repercussions
ICICI Bank was quick to suspend Gupta and filed a First Information Report (FIR) immediately after the fraud was discovered. In an official statement, the bank reaffirmed its commitment to protecting customer interests and confirmed that it had settled legitimate claims.
“We have a zero-tolerance policy against any fraudulent activity,” said an ICICI Bank spokesperson. “Genuine claims of impacted customers have been resolved.”
However, the incident has left customers rattled. Mahavir Prasad, one of the bank’s clients, voiced a concern many now share: “Where should we keep our money? Not at home, not in banks — where are we supposed to go?”
A Fractured Trust in Financial Institutions
This case isn't just about financial fraud — it’s about broken trust in an institution people rely on for safety and security. Gupta's actions, while criminally individual, have triggered a wave of collective anxiety. If internal systems can be bypassed so easily — and if oversight fails for years — the larger question emerges: how secure is our banking ecosystem?
It also raises pressing questions about the robustness of internal audits, employee vetting, and technological safeguards in India's banking infrastructure. How could a single employee manipulate systems, reroute OTPs, and tamper with FD accounts for over two years without raising red flags?
Final Thought: Lessons from the Debacle
Sakshi Gupta’s case is a sobering reminder that even well-established financial institutions are vulnerable to insider threats. While ICICI Bank’s swift action is commendable, the damage to public confidence may take longer to repair.
Ultimately, the incident underscores the urgent need for enhanced digital oversight, employee accountability, and customer awareness — because a secure system isn't just one that's locked; it's one that watches who holds the keys.
(With agency inputs)
