Sakshi Gupta ICICI Bank Fraud: ₹4.58 Crore Scam Shocks Kota, Rajasthan

Who is Sakshi Gupta?

She is a former relationship manager at ICICI Bank’s Shriram Nagar branch in Kota, Rajasthan, and has recently made headlines for her alleged involvement in one of the most audacious bank frauds in the region. Between 2020 and 2023, she is accused of siphoning off ₹4.58 crore from multiple customer accounts, mainly by tampering with fixed deposits (FDs), debit cards, and mobile-linked authentication systems.

Her role, which involved high-trust customer engagement, gave her unprecedented access to sensitive financial information. Exploiting this, she crafted a fraudulent scheme involving unauthorized fund transfers and manipulations that went unnoticed for nearly three years.

Timeline of the ₹4.58 Crore ICICI Bank Scam

• Fraud Period: 2020–2023

• Total Funds Misappropriated: ₹4.58 crore

• FDs Prematurely Closed Without Consent: ₹1.34 crore

• Accounts Affected: At least 41 customers across 100+ accounts

Key Methods Used:

1. Mobile Number Manipulation: Sakshi Gupta changed the registered mobile numbers linked to customer accounts to those of her relatives. This ensured that transaction alerts and OTPs never reached the actual customers.

2. Unauthorized Debit Card & PIN Usage: She accessed debit cards, generated new PINs, and used them without the knowledge or consent of account holders.

3. Overdraft Facility Misuse: Overdraft features were activated and exploited on various accounts without customer permission.

4. Fund Pooling Through an Elderly Woman’s Account: One of the most shocking tactics was using an elderly woman’s account as a “pool” to accumulate and route over ₹3 crore before further diversions.

How Was the Scam Discovered?

The fraud came to light on February 18, 2023, when several customers began noticing unauthorized withdrawals and premature FD closures. These red flags led to multiple complaints being filed with the bank. ICICI Bank’s internal audit and vigilance teams initiated an investigation, confirming the irregularities. Sakshi Gupta was suspended immediately and later arrested on May 31, 2025, by Kota Police under serious criminal charges.

What Happened to the Stolen Money?

According to investigators, Sakshi Gupta did not use the embezzled money for luxury or personal spending. Instead, she invested heavily in the stock market, likely attempting to amplify the stolen funds for personal gain. However, poor market decisions and a lack of expertise reportedly led to substantial losses, complicating the process of asset recovery for authorities and affected customers.

ICICI Bank’s Official Statement

In response to growing public concern, ICICI Bank released an official statement:

“We have a robust internal control mechanism and stringent protocols in place. All genuine claims of impacted customers have been settled. We have a zero-tolerance policy towards any form of misconduct and are cooperating fully with law enforcement agencies.”

Legal Action & Investigation Status

As of June 2025, the case remains under detailed investigation. The Rajasthan Police Cyber Cell is analyzing digital records, call data, and trading activity linked to Gupta and her associates. She has been booked under the following charges:

• Section 420 – Cheating and dishonestly inducing delivery of property

• Section 467 – Forgery of valuable security

• Section 468 – Forgery for cheating

• Information Technology Act – Violations related to data misuse and unauthorized access

Public Reactions & Systemic Impact

The case has rattled public trust in private banking institutions. Many customers are questioning how one employee could manipulate so many accounts over such a long period without detection. It has sparked urgent discussions around banking security, internal checks, and employee accountability.

Financial experts suggest that this case could become a turning point in how banks review internal access privileges and monitor real-time anomalies.

Conclusion

The Sakshi Gupta ICICI Bank scam is a chilling example of how internal actors can exploit systemic loopholes to conduct large-scale fraud. With ₹4.58 crore embezzled, this case stands out as one of the most alarming bank scams in Rajasthan’s recent history.

As authorities continue their investigation, the case underscores the need for stronger cybersecurity, enhanced transaction transparency, and increased customer vigilance. It also serves as a reminder that even trusted banking professionals must be subject to rigorous oversight.

Source:

https://timesofindia.indiatimes.com/city/jaipur/41-victims-110-accounts-icici-bank-official-stole-crores-from-fds-invested-in-stocks-blew-it-all/articleshow/121668683.cms

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