Bank Manager Steals ₹4.5 Cr FDs, Loses All in Stock Market
Kota, Rajasthan — Right in the middle of the city’s busy streets, the ICICI Bank Kota branch has become a trusted spot for locals. Whether it’s parents paying school fees, shopkeepers depositing daily earnings, or salaried employees managing accounts, this branch welcomes all. The neat and welcoming front view shows the bank’s modern design and its focus on customer comfort. Many residents say it’s their “go-to bank” because of the staff’s friendly service and quick response.
What started as a routine customer visit at a private bank in Kota ended up uncovering a shocking scam worth over ₹4.5 crore. A young woman, employed as a relationship manager, is now behind bars after allegedly siphoning off money from customer fixed deposits and investing it in the stock market — where the funds vanished.
The accused, identified as Sakshi Gupta, had been working at the ICICI Bank’s branch in Kota for a few years. According to sources, she didn’t just misuse her authority — she manipulated the entire internal system to carry out her plan.
This photo captures the clean and well-maintained front of the ICICI Bank branch in Kota, known for its efficient service and customer support.
How the Fraud Happened
Instead of touching her own money, Sakshi allegedly targeted customers who rarely visited the branch — many of them senior citizens or rural account holders. Using her login access, she withdrew funds from 110 fixed deposits, spread across 41 different customers.
But it wasn’t just a matter of withdrawing money. She went a step further — changing the mobile numbers linked to those FD accounts, so that no SMS alerts would go to the original customers. She replaced them with numbers belonging to her relatives. Even the OTP verification system was misused, with her own device receiving the codes meant for secure banking.
And what did she do with the money?
Stock Market Gamble That Failed
Over a span of three years, from 2020 to 2023, Sakshi poured the stolen money into the stock market — hoping to double or triple it. But instead of profits, the investment sank. She reportedly lost most of the capital, and when it was time for customers to renew or withdraw their FDs, she started dodging queries.
Her lie collapsed when one alert customer insisted on seeing FD details in person. What was expected to be a quick visit turned into the beginning of a full-scale investigation.
Arrested During Her Sister’s Wedding
Acting on a formal complaint from the bank, the police traced Sakshi’s activities and arrested her just as her sister’s wedding festivities were underway. She was taken into custody and produced in court, where she was sent to judicial custody pending further interrogation.
At the time of arrest, officials estimate she had already lost a significant portion of the money in market speculation. The remaining amount is yet to be recovered.
What Next?
ICICI Bank has not released a detailed public statement, but sources say internal reviews are ongoing and the bank may consider compensating the affected customers.
Meanwhile, the incident has sparked concerns over data security and internal checks in banks. How could one employee carry out this fraud for three years without being flagged? Customers are now demanding stricter safeguards for fixed deposits and better verification systems.
Final Word
What was meant to be a steady saving for many turned into an unexpected financial nightmare. The case has not only exposed a loophole in bank procedures but also a trust crisis for customers who never imagined their FDs could be touched without consent.
For now, the customers wait — for justice, and for their money.
You May Also Like
India’s COVID-19 Cases Rise, Kerala Worst Hit
Khan Sir Reveals Marriage in Viral Classroom Moment
IIT Jammu Launches BTech Programme in Engineering Physics via JEE Advanced Admission
