A former ICICI Bank employee in Kota has been arrested for allegedly orchestrating a massive bank fraud scheme involving the unauthorized alteration of customer contact details and misappropriation of funds amounting to ₹4.58 crore over three years.
Employee Exploited Internal Systems, Altered OTP Delivery Numbers
The accused, identified as Ajay Sharma, reportedly worked at the ICICI Bank’s Vigyan Nagar branch in Kota and exploited his position as a customer relationship executive. According to Kota police officials, Sharma manipulated the bank’s customer management system to change the registered mobile numbers of multiple account holders. This allowed him to intercept one-time passwords (OTPs) and carry out unauthorized transactions without the customer’s knowledge.
The modus operandi involved the transfer of funds from customer accounts into a set of bank accounts opened under fake identities. These accounts were allegedly opened with forged documents and operated by Sharma using duplicate SIM cards. The fraud went undetected for over three years until a routine internal audit flagged suspicious transaction patterns, prompting a deeper investigation.
Audit and Cyber Cell Probe Expose Years-Long Scam
The investigation, led by the Cyber Crime Cell of Kota Police, revealed that Sharma had executed over 100 fraudulent transactions during the period. He allegedly used the siphoned funds to finance a lavish lifestyle, including the purchase of high-end electronics, property investments, and luxury travel.
Bank authorities lodged a formal complaint after internal findings indicated systemic misuse of access privileges. The police have confirmed that Sharma has been booked under multiple sections of the Indian Penal Code and the Information Technology Act, including forgery, cheating, and identity theft.
ICICI Bank has assured full cooperation with the investigation and stated that affected customers will be compensated following due verification processes. The bank also emphasized its commitment to enhancing internal monitoring and security systems to prevent such breaches in the future.
The case has raised concerns over data security and employee access protocols in private banking institutions. Experts have called for stricter oversight and regular audits to safeguard customer data and prevent misuse by insiders.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.