ICICI Bank Scandal: ₹2.50 Crore Heist Uncovered by Rajasthan Police

In a shocking turn of events, the Rajasthan Police have uncovered a major financial scandal involving a branch manager of ICICI Bank and his accomplices. The heist, amounting to ₹2.50 crore, was reportedly executed over five years, all to meet performance targets.

The bank officials initially claimed that ₹2 crore was embezzled, but the Rajasthan Police asserted the actual amount to be ₹2.50 crore. The perpetrators, including the branch manager, allegedly withdrew funds from customers' accounts to fabricate the opening of new fixed deposits, current accounts, and savings accounts, as reported by the Economic Times.

The illicit operation involved creating overdrafts against fixed deposits, and using the money to establish new accounts, a tactic known as 'Entry and Reverse Entry' in banking parlance. After a certain period, the newly created accounts were closed, and the funds were redirected back to the original accounts. This deceptive cycle had been ongoing for several years.

The scheme came to light when an individual discovered the wrongdoing and began blackmailing the bank officials. In response, the branch manager and his associates withdrew additional funds from customers' accounts, amounting to ₹2.5 crore, to pay off the blackmailer in Udaipur, according to Rajasthan Police officials.

Superintendent of Police Amit Kumar revealed that a preliminary investigation unveiled the pressure the branch manager faced to meet performance targets. The perpetrators had been manipulating overdrafts against fixed deposits to create a façade of financial growth.

Assuring customers, an ICICI Bank spokesperson emphasized their commitment to a zero-tolerance policy towards fraud. The implicated employee has been suspended, and the bank has filed a complaint with the police.

The Rajasthan Police formed a special investigation team (SIT) on February 7 to delve into the matter further. The SIT interrogated the branch manager, consulted affected account holders, and analyzed bank statements to uncover the full extent of the operation and misappropriation of funds.

The Pratapgarh SP disclosed that the bank manager had been running the scam without maintaining proper records. As a result, at least 62 bank accounts associated with the alleged scam have been frozen, containing a total balance of ₹62,71,490.

During the investigation, the police seized ₹46 lakh in cash and confiscated gold held as collateral for a gold loan taken by the individual involved in the blackmail. This individual, with a criminal record of 19 cases including murder, attempt to murder, and extortion, used ₹45 lakh siphoned from the bank to partly finance the purchase of a ₹3 crore farmhouse.

The scandal unraveled when a vigilant bank employee noticed ₹70 lakh missing from her friend's account. Despite assurances that the sum would be returned after a few days, the money never reappeared, prompting the employee to alert the police. The ensuing investigation led to the exposure of the extensive financial wrongdoing orchestrated by the ICICI Bank branch manager and his accomplices.