Ahmedabad | A major financial fraud case that has shaken the banking sector has surfaced in Gujarat’s Ahmedabad, where an employee posted at the regional branch of ICICI Bank in Navrangpura has been accused of allegedly siphoning off nearly ₹8.37 crore from an RBI-linked currency chest. The alleged fraud came to light during a surprise internal audit conducted jointly by the bank and Reserve Bank-related monitoring teams, following which police and investigative agencies arrested the accused employee.
According to investigators, the accused, identified as Harsiddh Kadiyar, was serving as the in-charge of the currency chest and was responsible for handling large volumes of cash, maintaining records and overseeing currency management operations within the branch. Preliminary findings suggest that he allegedly exploited his access to internal systems and manipulated financial records over an extended period to conceal the shortage of cash.
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Officials involved in the investigation stated that the accused allegedly removed small amounts of cash from daily deposits on a regular basis, thereby avoiding immediate suspicion. Investigators believe the withdrawals were carried out in a calculated manner so that the discrepancies would not be easily detected during routine verification processes. To allegedly hide the missing cash, the accused is said to have entered fabricated figures and manipulated digital accounting records and physical registers.
Authorities said the alleged embezzlement continued for a considerable period before the irregularities were finally detected. During the audit process, officials reportedly found a mismatch of nearly ₹8.37 crore between the actual cash available in the currency chest and the figures recorded in the banking system. Following the discovery, the bank management immediately alerted police authorities and cyber crime investigators.
One of the most striking aspects of the case, according to investigators, is the sudden transformation in the accused employee’s lifestyle. Probe agencies claim that large portions of the allegedly diverted money were invested in real estate and luxury purchases. During the investigation, officials reportedly identified a lavish bungalow worth around ₹2 crore purchased in a posh locality of Ahmedabad. In addition, a commercial property estimated to be worth nearly ₹1 crore was also allegedly linked to the accused.
Investigators further suspect that substantial amounts were spent on luxury vehicles, expensive gadgets, branded products and high-end lifestyle expenses. Financial records and property-related documents are currently being examined to determine the complete money trail and identify the assets acquired using the allegedly siphoned funds.
Police officials said the investigation is now focused on examining whether the accused acted alone or if any other bank employees, insiders or external associates were involved in the operation. Digital transaction logs, CCTV footage, audit trails and internal system access records are being scrutinized as part of the probe. Authorities are also verifying whether loopholes in security protocols and monitoring systems contributed to the prolonged concealment of the alleged fraud.
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said that financial crimes involving insiders in banking institutions are becoming increasingly sophisticated and technology-driven. According to him, employees with access to sensitive systems often exploit procedural weaknesses, digital record management and audit delays to hide irregularities for long periods.
Experts believe the case has once again highlighted the urgent need for stronger safeguards in currency chest management and banking operations. They have emphasized the importance of real-time monitoring, AI-based transaction analytics, multi-layer audits and stricter access controls in institutions handling large volumes of public money.
Investigating agencies have reportedly begun the process of identifying and verifying all bank accounts, movable assets, investments and properties linked to the accused. Officials indicated that further action, including attachment of assets and forensic examination of financial transactions, may follow depending on the outcome of the ongoing investigation.
