In a stunning case of financial deception, a 26-year-old former relationship manager at ICICI Bank has been arrested by the police in Kota, Rajasthan, for allegedly embezzling Rs 4.58 crore from unsuspecting bank customers, primarily senior citizens, to invest in high-risk stock market trades involving futures and options (F&O).
This elaborate fraud took place over a span of nearly three years from 2020 to 2023, during which the young banker methodically siphoned off funds from customers’ fixed deposits and overdraft accounts. According to officials, she went so far as to take personal loans in the names of account holders, rerouting the proceeds into her trading accounts on platforms such as ICICI Direct and Zerodha (Kite).
What is even more alarming is the meticulous way in which she concealed her actions. Investigators revealed that she altered the registered mobile numbers of customers—often elderly and not well-versed with digital banking—to those belonging to her own close relatives. This ensured that crucial OTPs and bank alerts never reached the actual account holders, allowing her to operate undetected for years.
“She is now 26 years old and this crime was committed by her from 2020 to 2023 i.e. during her period of employment with ICICI Bank. Our police investigation has revealed that she used multiple stock broking websites and apps like ICICI Direct, Zerodha (Kite), to trade in the derivative segment (Future and Options),” said Dilip Saini, Additional Superintendent of Police, Kota.
Despite the deep concealment, her actions were finally brought to light by the bank’s internal audit team. The discovery led to the bank swiftly reimbursing all affected customers, ensuring no financial loss to them. Following the audit report, a formal complaint was lodged by the bank’s branch manager, resulting in her arrest on May 31, 2025, during her sister’s wedding.
Police have yet to file the chargesheet as the investigation is still ongoing, but officials confirmed that all leads are being pursued thoroughly.
This case serves as a stark reminder of how trust can be misused when ambition clouds judgment, especially within institutions handling public money.
Also read:Â Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
