An Indian-American woman, Shveta Sharma, has accused the manager of an ICICI Bank branch of defrauding her of 160 million rupees ($1.9 million) over 4 years. Sharma claims the manager siphoned money from her NRE account meant for non-resident Indians to which she had transferred her US savings.
The manager allegedly created fake accounts, forged signatures, took out cards and cheque books in her name to withdraw money without her receiving notifications after manipulating her mobile number. Sharma only discovered the fraud when offered better returns on her money by another bank employee in January.
ICICI Bank admitted the fraud occurred, and they will do everything possible to help the customer.
We have received a statement from ICICI Bank: “Our customers are our utmost priority, and we are wholeheartedly dedicated to safeguarding their interests. In this case too, we will ensure that the customer’s financial interests are protected. In fact, we have communicated to the customer that we are ready to transfer the disputed amount of Rs 9.27 crore (she has already encashed a fixed deposit of Rs 2 crore) to her account with a lien, pending the outcome of the investigation.”
As per BBC, Sharma provided all information to ICICI and met senior officials who acknowledged their fault but requested her help in identifying fraudulent transactions.
ICICI has offered to deposit 92.7 million rupees into her account on lien while investigations proceed. But Sharma rejected the amount as it is much below the 160 million owed to her. She has complained to RBI and Economic Offences Wing.
Financial crime experts say such incidents can occur if implicit trust is placed in bank managers. While internal audits and checks exist, they can override these. Hence, customers must monitor accounts diligently.
The ICICI spokesperson added that the delay is bewildering as Shveta didn’t notice discrepancies earlier. As per ICICI Bank:
“Our records indicate that notifications regarding both changes were sent to her original mobile number and email address which were registered with the Bank. Furthermore, the new number is listed on the website of a company owned by the customer herself.
Further, as an aggrieved party, we have lodged a complaint with the Economic Offences Wing (EoW) of Delhi Police for a thorough investigation into the matter which appears to be much more than meets the eye. We are extending full co-operation to the Police investigation.”
Interestingly, as ICICI Bank found out, Shveta has been filing her income tax for three years, but this huge discrepancy was never noticed.
The accused manager has been suspended and police probe is underway.
Sharma will eventually get her money back, once allegations are proven by law enforcement authorities.
This is a developing story.. we will keep you updated as more details are received.
