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Key Points

A shocking banking fraud has emerged where an ICICI Bank employee allegedly stole Rs 4.58 crore from 110 customer accounts over three years. The employee, Sakshi Gupta, reportedly manipulated fixed deposits and digital banking platforms to transfer funds to her family members. Financial experts are now calling on the Reserve Bank of India to introduce stricter technological safeguards and monitoring mechanisms. Despite the significant breach, ICICI Bank claims no customer has suffered financial losses and has filed a police complaint.

Key Points: ICICI Bank Fraud Sparks RBI Call for Stricter Banking Norms

  • RBI urged to implement advanced technological safeguards for bank security
  • Fraud involved premature FD closure and unauthorized digital transfers
  • Employee allegedly misused internal banking systems over three years
  • Senior citizen accounts primarily targeted in multi-crore scam
2 min read

RBI urged to tighten banking norms after ICICI employee's multi-crore FD fraud

ICICI Bank employee Sakshi Gupta allegedly siphons Rs 4.58 crore from 110 accounts, prompting urgent banking security review

"No customer has suffered any financial loss - ICICI Bank Statement"

New Delhi, June 6

In wake of revelations that a female employee of ICICI Bank illegally withdrew crores of rupees from more than 100 customer accounts, including fixed deposits (FDs), financial experts have called on the Reserve Bank of India (RBI) to take stricter measures to address such loopholes in the banking system.

Experts have suggested that the RBI should introduce systems like tokenisation for fixed deposits, which would ensure that sensitive FD information is accessible only to the account holder, preventing misuse by bank staff.

They also emphasised the need for the central bank to strengthen its supervisory mechanisms to detect such frauds early and effectively.

The fraud took place at ICICI Bank’s Shriramnagar branch in the Udyog Nagar area of Rajasthan's Kota.

According to reports, the employee, identified as Sakshi Gupta, allegedly misused internal banking systems to siphon off approximately Rs 4.58 crore from 110 accounts, most of which belonged to senior citizens.

She is accused of investing the funds in the stock market. Gupta reportedly carried out the fraud over a span of three years, from 2020 to 2023.

She allegedly prematurely closed fixed deposits without the account holders’ consent, activated overdraft facilities, and used digital banking platforms to transfer funds into accounts held by her family members.

The fraud came to light only when one of the affected customers visited the branch to inquire about his fixed deposit.

ICICI Bank filed a formal police complaint at the Udyog Nagar police station in February 2025, after conducting an internal investigation.

In a statement, ICICI Bank clarified that all legitimate customer claims have been resolved and that no customer has suffered any financial loss as a result of the incident.

However, the case has raised serious concerns about internal controls and oversight within banks.

Experts are urging the RBI to implement advanced technological safeguards and a more robust monitoring framework to prevent similar incidents in the future.

- IANS

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Reader Comments

R
Rajesh K.
This is shocking! Senior citizens' hard-earned money being stolen by bank staff is unacceptable. RBI must act fast to protect customers. Tokenisation for FDs is a good suggestion - why wasn't this implemented earlier? 😡
P
Priya M.
How did this go on for 3 years without detection? ICICI's internal audits clearly failed. While I'm glad customers got their money back, the bank should face heavy penalties for such lapses in supervision.
A
Amit S.
This is why my parents still prefer physical passbooks and avoid digital banking. RBI should make banks more accountable - maybe introduce surprise audits and stricter background checks for employees handling sensitive accounts.
S
Sunita R.
While the fraud is terrible, we must appreciate that ICICI resolved all customer claims quickly. Many banks would have dragged this for years. But yes, stronger systems are needed to prevent such incidents in first place. 🙏
V
Vikram J.
The employee invested stolen money in stock market? This shows how financial literacy is important for everyone - even criminals! On serious note, RBI should mandate dual authorization for any FD closure or large transfers.
N
Neha T.
As someone who works in banking, I can say most employees are honest. But one bad apple spoils the bunch. RBI should introduce whistleblower protections and rewards for reporting internal fraud - this could help catch such cases earlier.

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