In a shocking incident that has left both banking insiders and customers stunned, a relationship manager at ICICI Bank’s DCM branch in Kota, Rajasthan, was arrested for allegedly swindling ₹4.58 crore from customer accounts over a two-year period. The accused, Sakshi Gupta, not only exploited her position of trust but used elaborate tactics to bypass security and customer alerts, ultimately gambling away most of the embezzled funds in the stock market.
The Modus Operandi: Manipulating the System
According to the complaint filed by the branch manager Tarun Dadich on February 18 at Udhyog Nagar Police Station, Sakshi Gupta had been tampering with over 110 accounts belonging to 41 unsuspecting customers. Her actions weren’t impulsive — they were methodical and executed with alarming precision.
To avoid detection, Gupta changed the registered mobile numbers on customer accounts, often replacing them with phone numbers of her relatives. This ensured that customers wouldn’t receive real-time alerts for transactions, OTPs, or changes in account activity. This critical loophole gave her unrestricted access to transact freely without raising any immediate suspicion.
Fraud Hidden in Plain Sight
Gupta used various banking tools — including Insta Kiosks, ATM withdrawals, internet banking, and digital platforms — to siphon funds. According to Sub-Inspector Ibrahim, she even misused debit cards, PINs, and overdraft facilities of unsuspecting customers. In an especially disturbing revelation, one elderly woman’s account was turned into a "pool account" through which over ₹3 crore was funneled by February 2023.
Not stopping there, Gupta also prematurely closed 31 fixed deposits, funneling ₹1.34 crore from them, and even took a personal loan of ₹3.40 lakh. These activities were masked under the guise of legitimate banking operations, showcasing just how much autonomy relationship managers wield in day-to-day banking affairs — and how that power can be abused.
The Aftermath: Arrest and Investigation
After the fraud came to light, Sakshi Gupta was arrested from her parental home in Rawatbhata, Chittorgarh, and placed in judicial custody following a one-day police remand. Investigators believe that the majority of the siphoned funds were invested — and lost — in stock market trading. While efforts are ongoing to trace and recover the remaining funds, it’s clear that most of the money may be unrecoverable due to her reckless financial gambles.
ICICI Bank’s Response: Damage Control Mode
In the wake of the scandal, ICICI Bank issued a statement affirming its “zero-tolerance policy” toward fraud and claiming that the impacted customers’ claims have been settled. The bank suspended Sakshi Gupta upon learning about her misconduct and promptly filed an FIR to initiate legal proceedings. “The interest of customers is of utmost importance,” the spokesperson said.
While the bank has taken steps to mitigate the damage, this incident raises uncomfortable questions about internal banking oversight, data protection, and the ease with which employee-level access can be misused. In an era where digital banking is the norm, loopholes in mobile number verification and account alerts pose serious threats to customer security.
Trust in Banks Under the Scanner
Bank employees, particularly relationship managers, are expected to maintain the highest standards of integrity and trust. They are given access to sensitive financial data and entrusted with guiding customers toward smart, safe financial decisions. Cases like this shake the very foundation of that trust.
More than just financial fraud, this incident is a serious breach of personal trust and data integrity. Customers affected were not just robbed of their money but of their confidence in the system. Many of them, especially the elderly, may not even fully understand how such a breach could have occurred under the watchful eye of a reputed bank.
Lessons to Learn and Precautions to Take
As digital banking continues to expand, it's vital for customers to:
Regularly check their transaction history and bank statements.
Verify mobile number changes or updates with their banks immediately.
Set up email alerts and additional authentication layers where possible.
Raise concerns if they stop receiving SMS or app notifications.
For banks, this is another wake-up call to strengthen internal audit mechanisms, limit employee access to sensitive changes without higher-level authorizations, and improve transparency in relationship management services.
Conclusion
The ICICI Bank scam in Kota isn't just a story about a rogue employee; it's a reminder of the vulnerabilities that still exist in modern banking. As the digital age advances, both institutions and individuals must evolve their security practices. In a world where a single mobile number change can open the floodgates to fraud, vigilance is no longer optional — it's essential.