As the CID investigation into the multi-crore scam at ICICI Bank’s Chilakaluripet and Narasaraopet branches intensifies, bank officials have reassured customers that their financial interests will be fully protected, especially for those with genuine claims.
ICICI Bank’s Commitment to Customers
“We at ICICI Bank always prioritize the customers’ interests in our operations. We maintain a zero-tolerance policy towards any fraudulent activity,” stated a bank spokesperson. The spokesperson further assured that a thorough investigation would be conducted, confirming that the employees involved in the scam have been suspended. Click here to read more Bank Fraud cases.
Details of the Scam
According to the FIR filed by the CID, the former manager of the Chilakaluripet branch, D. Naresh Chandra Sekhar, along with two staff members—A. Harish, a gold loan counsellor, and K. Karunakar, the regional sales head—allegedly embezzled over ₹28 crore from customers’ accounts. The trio reportedly accessed overdraft facilities against fixed deposits without the customers’ knowledge.
Cheques were collected from account holders under the false pretense of reducing overdraft limits. Furthermore, jewel loan receipts were issued without proper seals, signatures, or records, contributing to the fraudulent activities.
CID Investigation and Site Visits
CID Additional Superintendent of Police (SP) Ch. Adinarayana and other officials visited the Chilakaluripet branch as part of the ongoing investigation. Account holders in three ICICI Bank branches across Palnadu and NTR districts in Andhra Pradesh are reported to have lost nearly ₹28 crore due to the scam, which affected 72 account holders. The investigation, led by the Crime Investigation Department (CID), is now focusing on the loss of fixed deposits and gold that belonged to these customers.
Launch of Investigation
The investigation was initiated after a complaint was lodged by ICICI Bank’s Vijayawada Zonal Officer. The affected branches include those in Chilakaluripet and Narsaraopet (Palnadu district), as well as Vijayawada (NTR district). CID officials are currently questioning several bank employees to determine their involvement in the suspected fraudulent diversion of funds from customer accounts.
How the Scam Was Discovered
The scam came to light when account holders visited the bank branches to inquire about why they had not received interest on their fixed deposits for the last two months. To their shock, bank officials informed them that their fixed deposit bonds were no longer valid.
Victims immediately filed complaints with the police, which led to the registration of a case and subsequent transfer to the CID for further investigation. ICICI Bank’s Zonal Officer in Vijayawada also approached the CID to request a comprehensive investigation into the matter. Click here to read more Bank Fraud cases.
Allegations Against Former Bank Manager
The CID has received numerous complaints against Naresh Chandra Sekhar, the former manager of the Chilakaluripet, Narsaraopet, and Vijayawada branches. He is alleged to have diverted fixed deposits and defrauded customers. Some account holders who had deposited cheques were also affected by the scam.
“There are three to four categories of customers who were cheated. We are currently recording their statements,” a CID official said. The bank discovered the irregularities in July this year, leading to Naresh’s suspension. A departmental inquiry into his actions has been initiated by ICICI Bank.
Investigation Progress
The CID has requested reports from the bank’s internal inquiry and expects a significant breakthrough in the case within the next two to three days. Officials are working diligently to uncover the full extent of the scam and ensure that those responsible are held accountable.
Support for Victims
Chilakaluripet MLA P. Pulla Rao has stepped in to assure victims of his support. He urged the bank to deliver justice to the affected account holders and ensure that those who lost their savings in the scam are compensated appropriately.
The MLA’s intervention, along with the ongoing CID investigation, aims to bring swift resolution and financial recovery to those impacted by the fraudulent activities. Click here to read more Bank Fraud cases.
