Police have registered an FIR against a former ICICI Bank manager and a former regional head of ICICI Securities in connection with the alleged withdrawal of nearly ₹29 crore from a businessman’s demat account in Lucknow. The two accused have been booked on allegations of withdrawing the money without the account holder’s knowledge, manipulating electronic records and preparing forged documents in his name. The Ghazipur police registered the case following a court order and have started an investigation.
The case is based on a complaint filed by Lucknow businessman Amit Agrawal, a resident of Sector 14, Indira Nagar. Agrawal said he maintained a bank account with the ICICI Bank branch in Ghazipur and had opened a demat account through the bank for stock market trading. According to his complaint, in May 2023, he transferred around ₹13 crore from his bank account to ICICI Securities at Aliganj for investment and trading purposes.
According to the complaint, the value of his holdings subsequently increased and, including profits, the amount in his demat account had reached around ₹29 crore by April 1, 2024. Agrawal alleges that the entire amount was subsequently withdrawn from his demat account without his knowledge or authorisation by two former officials associated with the bank and brokerage firm.
The accused have been identified as Aman Ajit, former manager of the ICICI Bank Ghazipur branch, and Vishal Arya, former regional head of ICICI Securities at Aliganj. Agrawal has alleged that the two officials acted in collusion to facilitate the withdrawal. He further alleged that electronic records were manipulated and documents were allegedly prepared in his name to facilitate the transactions.Alleged Fraud Came to Light During Audit
According to Agrawal, he discovered the alleged irregularity much later during an audit conducted on January 30, 2026. A review of the records allegedly revealed that around ₹29 crore had already been withdrawn from his demat account.
The businessman has alleged that specialised software and electronic systems were used to carry out the alleged fraud. He claimed that changes were made to digital records in a manner that allegedly concealed the actual process through which the money was withdrawn.
After discovering the alleged irregularities, Agrawal approached the police and sought action against the accused. However, after alleging that his complaint did not result in the required action, he approached the court. Following the court’s directions, Ghazipur Police registered an FIR against the two accused under relevant sections related to cheating and other alleged offences.
Investigators are expected to examine bank records, the demat account’s transaction history, electronic logs, documents and technical evidence related to the software allegedly used in the transactions. The investigation will also seek to establish how the ₹29 crore was withdrawn, where the money was transferred and whether other individuals or entities were involved.
Police will collect documents and records from the complainant and the concerned financial institutions as part of the investigation. The evidence will be examined to determine the sequence of transactions and the alleged role of the accused.
The case is currently at the investigation stage, and the allegations made in the FIR are yet to be established in court. Police will determine the authenticity of the documents, electronic records and transaction details before deciding on further action.
The alleged incident has also raised concerns about the security and monitoring of high-value demat accounts. Regular audits, transaction alerts and independent verification of unusual account activity can play an important role in detecting unauthorised transactions involving large sums. The ongoing investigation is expected to establish how the alleged withdrawal was carried out and whether the suspected fraud involved a wider network.
