ICICI Bank Manager Plans ₹2.50 Crore Heist to Meet Business Goals

A branch manager of ICICI Bank and his accomplices in Rajasthan have been accused of withdrawing money from customers’ accounts to meet their performance targets over five years. This heist involved creating an illusion of opening new fixed deposits, current, and savings accounts, reported by the Economic Times. When the misdeeds came to light, the branch manager and his aides allegedly paid an Udaipur-based individual Rs 2.5 crore as hush money.

Rajasthan Police officials revealed that the branch manager and his aides were under pressure to meet performance targets, leading them to create overdrafts against fixed deposits and use the money to open new accounts. The scheme, known as ‘Entry and Reverse Entry’ in banking terms, had been running for several years. An ICICI Bank spokesperson assured customers that the bank has a zero-tolerance policy towards fraud and the involved employee had been suspended, with the bank filing a complaint with the police.

The Rajasthan Police claimed that a total of Rs 2.50 crore was embezzled, while the bank officials stated the amount was Rs 2 crore. A special investigation team (SIT) was formed and found at least 62 bank accounts used for the alleged scam, seizing over Rs 46 lakh in cash. The police also confiscated gold kept as a lien for a gold loan taken by the individual involved in the scheme, who had 19 cases of murder, attempted murder, extortion, and more against him.

The alleged scam came to light when a bank employee noticed Rs 70 lakh missing from a friend’s bank account, leading to suspicion and ultimately exposing the scheme to the police. The investigation into the operation and misappropriation of funds involved consultations with affected bank holders and an analysis of their bank statements.

As the investigation into this heist continues, the authorities will be working to ensure that the affected customers are not at a loss and to hold the responsible parties accountable for their actions.