A major banking fraud has come to light in Kota after ICICI Bank’s internal investigation identified Sakshi Gupta, a former relationship manager at its DCM branch, as the prime accused in a ₹4.58 crore scam. The fraud, spanning from 2020 to 2023, involved unauthorized withdrawals from 110 accounts across 41 customers. Kota police, following a report submitted by branch manager Tarun Dadhich on February 18, 2025, have arrested Gupta and are probing if others were complicit.
Gupta’s Stock Market Losses and OTP Diversion Uncovered in ICICI Fraud Probe
Gupta was taken into custody on May 31 and placed in judicial remand after initial police interrogation. Udhyog Nagar Circle Inspector Jitendra Singh said that while the bank’s internal inquiry solely implicated Gupta, police have requested additional documents to examine any possible collusion. So far, no other involvement has been found.
According to police findings, Gupta diverted funds into the stock market, where she suffered heavy losses. She attempted to conceal the activity by changing registered mobile numbers to those of her relatives, diverting alerts and OTPs. In one egregious case, she used an elderly woman’s account as a “pool account,” routing over ₹3 crores through it.
ICICI Fraud Uncovered: Digital Tools Misused, ₹1.34 Cr Diverted
Further investigation revealed that Gupta exploited customer debit cards, PINs, and OTPs for unauthorized ATM and internet banking transactions. She also activated overdraft facilities on 40 accounts without consent, prematurely closed fixed deposits of 31 customers, misappropriating ₹1.34 crore, and even issued a fraudulent personal loan worth ₹3.4 lakh.
Much of the fraud was conducted via Insta Kiosks and digital banking platforms, with funds eventually being transferred to demat accounts to obscure the trail. ICICI Bank has stated it has a zero-tolerance policy for fraud and confirmed that all genuine customer claims have been settled. The bank filed an FIR immediately upon discovering the misconduct and suspended the employee involved.
Summary:
Sakshi Gupta, a former ICICI Bank manager in Kota, was arrested for siphoning ₹4.58 crore from 110 accounts between 2020–2023. She diverted funds to the stock market, misused OTPs, and manipulated customer data. ICICI Bank filed an FIR and confirmed customer claims have been settled. Police investigations are ongoing.
