ICICI Bank Scam: Employees opened fake FD accounts of Rs.2 crores to meet Bank Targets

A shocking case of financial fraud has come to light in Dhariyavad, Pratapgarh district, where 15 employees of ICICI Bank, including the branch manager, colluded to embezzle a staggering amount of Rs 2 crore. This elaborate scheme was orchestrated to meet the bank’s targets, as everyone involved opened fake fixed deposit (FD) accounts and transferred funds from the accounts of unsuspecting customers.

The incident first came to public attention on February 5 when Rs 32 lakh went missing from a customer’s account. Subsequently, branch manager Prashant Kabra (36) was apprehended on February 6, followed by the arrest of bank staff members and Udaipur businessman Jalam Chand (65) on February 9. The police have initiated investigations and are interrogating the accused.

During a press conference, SP Amit Kumar revealed that the case was registered by ICICI Bank’s Regional Head, Manoj Beharani, after discovering the missing funds. The police are gathering information on other bank staff involved in the fraudulent activities. SP Amit Kumar further explained that the bank officials at the Dhariyavad branch illicitly opened new accounts by withdrawing money from existing FD accounts without authorization. The main accused in this intricate fraud case is bank manager Manoj Kabra.

SP Amit Kumar formed a Special Investigation Team (SIT) to delve into the financial fraud case on February 7. Within two days of investigation, it was discovered that several high-ranking bank officials were opening fake accounts by siphoning funds from the FD accounts of unsuspecting customers through overdrafts (OD). This deceitful practice allowed the officials to achieve their targets.

During questioning, the branch manager revealed that the bank officials imposed immense pressure by setting daily targets for new savings accounts, current accounts, FDs, as well as loans and insurance. The SIT scrutinized bank accounts with joint transactions, leading to the revelation that the bank manager had inputted incorrect mobile numbers for many account holders. Consequently, customers remained unaware of the transactions occurring within their accounts.

The Dhariyavad police are diligently investigating the case. As of now, a total of 62 bank accounts, in which the embezzled amount was deposited, have been frozen, with a sum of Rs 62,71,490 being put on hold. Thus far, a total of Rs 1,08,71,490 has been seized in connection with the fraud.

A victim of the scam, Bhupet Roat, shared his experience, stating that on February 5, he was informed by an acquaintance that he had over Rs 2 lakh in his Kisan Credit Card (KCC) account until Sunday. However, when he went to withdraw the money on Monday, he discovered that his account balance was zero. Suspicious of foul play, Roat visited the bank at 7 pm on Monday and realized that the Rs 32 lakh in his KCC account had vanished. When he confronted manager Prashant Kabra, he received no response. Roat alleges that Prashant Kabra has embezzled an estimated Rs 5 to 7 crores.

Additionally, Udaipur businessman Jalam Chand was arrested in connection with the case. Investigations revealed that Chand became aware of the bank’s fraudulent activities and managed to retrieve his own funds by threatening bank manager Manoj Kabra. As a result, Chand received around Rs 1.5 lakh as hush money. Moreover, the businessman had also obtained Rs 62 lakh from the bank for purchasing a plot, which has since been seized as part of the ongoing investigation.