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In a startling revelation, a branch manager of ICICI Bank in Rajasthan, along with accomplices, orchestrated a ₹2.5 crore heist by withdrawing money from customers’ accounts to meet business targets. The manager and associates allegedly engaged in the fraudulent activity for five years, creating an illusion of opening new fixed deposits, current, and savings accounts.
The branch manager and aides reportedly withdrew funds from customers’ accounts to meet performance targets, a practice carried out by creating overdrafts against fixed deposits. The money withdrawn was then utilized to open new accounts, including current, savings, and fixed deposits. The operation involved a process known as ‘Entry and Reverse Entry’ in banking terminology.
After someone discovered their misdeeds, the manager and accomplices faced blackmail, prompting them to withdraw more funds from customers’ accounts to pay off the blackmailer, allegedly an individual based in Udaipur. The total amount paid as hush money amounted to ₹2.5 crore, as per Rajasthan Police officials.
Amit Kumar, Superintendent of Police, Pratapgarh, stated that the preliminary probe revealed the motive behind the heist was the pressure to meet performance targets. In response to the incident, ICICI Bank assured customers that they would not lose any money. The bank has a zero-tolerance policy towards fraud, and the implicated employee has been suspended. ICICI Bank has also filed a complaint with the police regarding the matter.
