ICICI Kota RM arrested for Rs 4.58 cr fraud, all funds lost in stocks

A shocking betrayal at ICICI Bank’s Kota branch has been uncovered after relationship manager Sakshi Gupta allegedly embezzled Rs 4.58 crore from 110 customer accounts over two-and-a-half years. The money, withdrawn without authorization, was invested in the stock market, but ultimately lost, authorities revealed.

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Between 2020 and 2023, Sakshi manipulated accounts belonging to 41 customers, primarily elderly individuals unfamiliar with mobile banking by changing registered mobile numbers and account PINs to block transaction alerts. In several cases, she used a senior citizen’s account as a “pool account,” channeling over Rs 3 crore through it. She also forcibly closed fixed deposits for 31 customers, withdrawing Rs 1.34 crore, and took a personal loan of Rs 3.4 lakh in the name of another customer.

While bank systems went unchecked, Sakshi funneled money into her Demat accounts via unauthorized overdrafts and debit‑card transactions. Every rupee vanished in failed stock trades.

The fraud came into light when a customer inquired about a fixed deposit withdrawal. The branch manager, Tarun Dadhich, filed a complaint on February 18, 2023, after internal audits flagged irregularities. Police arrested Sakshi on May 31; she was remanded for a day before being sent to judicial custody.

Senior officer Dilip Saini confirmed Sakshi’s arrest and stated investigators are probing for possible collaborators. ICICI Bank suspended her immediately and lodged an FIR upon uncovering the breach. A spokesperson assured that all genuine claims have been settled, citing their zero‑tolerance policy on fraud.