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ICICI Bank Chief Manager Arrested for Defrauding Customer of Rs 12 Crore


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The Economic Offenses Wing (EOW) of Delhi Police has arrested Varun Vashishtha, the chief bank manager of ICICI Bank in Vikas Puri, for defrauding a woman acquaintance of Rs 12 crore in the name of investment. The victim had accused Vashishtha and other officers and employees of the bank of fraudulently cheating her and her husband by persuading them to deposit and invest Rs 16 crore with the promise of substantial returns. However, in January 2024, the victim discovered that approximately Rs 12 crore had already been unlawfully withdrawn from her accounts by Vashishtha, in collaboration with other implicated individuals and bank staff.

Details of the Fraud

According to the victim’s complaint, Vashishtha created 12 fake fixed deposit accounts in her name and misused her money. The accused had already withdrawn the money from the accounts in connivance with other officials. The victim came to know about the fraud when she discovered that there was no fixed deposit in her name and that about Rs 2.73 crore was a loan against her fixed deposit account in a fake overdraft account opened in her name.

Investigation and Recovery

The police have recovered more than 40 bank accounts, a Hyundai Verna car, more than 10 debit, credit, and wealth management cards, 12 fake FD documents, and a laptop from the accused. Money was sent from the victim’s accounts to more than 40 accounts, and Vashishtha, being the chief manager, withdrew money from the victim’s account without permission. He obtained the victim’s documents, forged her signatures, and kept her checkbook and debit card with him.

Background and Trust Exploitation

The accused had been watching the victim’s bank-related transactions for a long time. Prior to joining ICICI Bank, Vashishtha was the Deputy Branch Manager in IndusInd Bank, where the victim also had an account. When Vashishtha joined ICICI Bank as a branch manager in Gurugram, he got the victim’s account opened there as well. Later, he joined the post of Chief Branch Manager in Vikaspuri, where he took money from the victim in the name of investment and opened multiple fake fixed deposit accounts.

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