Cyber Crime
Blackmail, Hush Money, and Fake Accounts: ICICI Bank Branch Manager Caught in Decades-Long Embezzlement Scheme
Rajasthan Police reveals ICICI Bank scandal: Rs 2.5 crore hush money paid to blackmailers. Embezzlement scheme uncovered, seizures made.
An ICICI Bank branch manager in Pratapgarh, Rajasthan, allegedly embezzled millions of rupees over several years to meet business performance targets. He and his accomplices reportedly created fake accounts and diverted funds from unsuspecting customers’ accounts to inflate the appearance of new deposits.
According to preliminary investigations led by Amit Kumar, Superintendent of Police (SP) in Pratapgarh, Rajasthan, the branch manager and his cohorts orchestrated an elaborate embezzlement scheme aimed at meeting business performance targets. The modus operandi involved creating overdrafts on fixed deposits (FDs) and diverting funds to open new current, savings, and FD accounts, a tactic commonly known as ‘Entry and Reverse Entry’. These accounts were opened and closed shortly after, with funds ultimately returned to their original source.
The Fallout
An ICICI Bank spokesperson emphasized the institution’s commitment to ensuring no financial losses for legitimate customers while affirming a zero-tolerance policy towards fraud. The implicated employee has been suspended pending further investigation, with the bank filing a formal complaint with the police and actively cooperating with ongoing inquiries.
Investigative Efforts
A Special Investigation Team (SIT), headed by ASP Bhagchand Meena and comprising cyber and financial forensic experts, was established on February 7, 2024. Their meticulous investigation aimed to ascertain the extent of unauthorized operations and fund misappropriations. Despite confirmation of a financial scam, the exact source of losses remains undetermined, as the accused manager had been operating without maintaining formal documentation.
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Seizures and Revelations
Rajasthan Police disclosed significant findings from their probe, including the freezing of 62 bank accounts associated with the scam, with a cumulative total of Rs 62,71,490. Additionally, Rs 46 lakh in cash was seized, alongside gold held as collateral for a loan obtained by the individual blackmailing the bank manager.
Criminal Web Unraveled
The Udaipur-based blackmailer, central to this scandal, faces a litany of charges, including murder, attempted murder, extortion, and others. Police investigations revealed a paper trail linking Rs 45 lakh, siphoned from the bank, to the partial financing of a Rs 3 crore property acquisition. Consequently, authorities seized the farmhouse, shedding light on the intricate web of criminal activity intertwined with financial malpractice.
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Questions Remain:
While the investigation has exposed the scheme and recovered some funds, several questions remain unanswered:
- From which accounts was the money taken?
- How long did the scheme run?
- How many customers were affected?
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Further investigations are ongoing to uncover the full extent of the fraud and bring all involved to justice.
Key facts:
- Embezzled amount: Rs 2.5 crore (police) or Rs 2 crore (ICICI Bank)
- Recovered funds: Rs 62,71,490 + Rs 46 lakh (cash)
- Blackmailer: Udaipur-based individual with criminal history
- ICICI Bank: No financial loss to customers, employee suspended, cooperating with investigation