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ICICI bank manager suspended for allegedly misappropriating Rs 16 cr of customer funds

ICICI bank manager suspended for allegedly misappropriating Rs 16 cr of customer funds

Sharma transferred her savings from her US account to ICICI Bank with the expectation of the bank investing the amount in fixed deposits.

Business Today Desk
Business Today Desk
  • Updated Feb 26, 2024 6:52 PM IST
ICICI bank manager suspended for allegedly misappropriating Rs 16 cr of customer fundsICICI Bank share price today: Nomura India said ICICI’s loan-to-deposit-ratio at 87 per cent is also among the best for private banks. ICICI Bank continues to be its top banking pick.

Shveta Sharma, an Indian woman who had been residing in the United States and Hong Kong, returned to India in 2016 and lost her life savings of Rs 16 crore ($1.9 million) to alleged fraud by a now-suspended ICICI Bank official. 

Sharma transferred her savings from her US account to ICICI Bank with the expectation of the bank investing the amount in fixed deposits. The fraud was discovered when another bank employee offered better returns on her money. 

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“I never suspected anything was amiss as the branch manager would give me proper receipts for all the deposits on the bank's stationery, regularly send me email statements from his ICICI account, and sometimes even come over with folders of documents,” Sharma told BBC.

Sharma found that all her fixed deposits had disappeared and there was an overdraft of Rs 2.5 crore ($25 million). The bank has stated that it is ready to transfer the disputed amount of Rs 9.27 crore to Sharma's account pending investigation.

“He (the manager) gave me fake statements, created a fake email ID in my name, and manipulated by mobile number in bank records, so that I do not get any withdrawal notifications,” Sharma said.
The traumatic experience left her so deeply affected that she remained unable to get out of bed for an entire week.

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ICICI Bank also expressed confusion over Sharma's claim of being unaware of these transactions, as they had been consistently sending transaction details to her registered mobile number and email id.

In a statement, the bank said,"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."

The ICICI Bank further mentioned, “consistently sent transaction details to her registered mobile number and email id since the accounts were opened a few years ago.”

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“It is bewildering that the customer claims to be unaware of these transactions and balances in her account over the past three years, and she only recently noticed a discrepancy in her account balance. This discrepancy ought to have been observed by the customer when filing Income Tax returns as well,” the bank added.

ICICI Bank stated that the customer claimed unauthorized changes to her mobile number and email ID linked to her account, made without her knowledge.

“However, 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,” the bank said in the statement.

“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,” the lender added.
 

Published on: Feb 26, 2024 6:52 PM IST
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