Recently, shocking news has come to light regarding financial irregularities at the ICICI Bank branch in Chilakaluripet, Palnadu district. Over Rs 30 crore is reportedly involved in fraudulent activities at this branch, causing panic among depositors who are worried about the safety of their money and gold stored with the bank.
What Happened?
According to initial investigations, the branch manager misused funds from customers’ fixed deposit accounts for personal trading. On top of that, gold items that were mortgaged by customers as collateral for loans were either sold or re-mortgaged at other banks for profit. This has understandably caused a lot of concern among customers, who rely on the bank to keep their money and valuables safe.
A Troubling History
What makes this case even more worrying is the background of the branch manager. He has worked at multiple branches, including Narasaraopet, Chilakaluripet, and Vijayawada, and has faced past suspensions for similar issues. In fact, he was suspended from the Vijayawada branch for misappropriating Rs 65 lakh. This history raises questions about how he was able to continue working in such a responsible position.
Customer Panic and Immediate Action
As soon as news of the fraud spread, anxious customers rushed to the Chilakaluripet branch to check on their fixed deposits and gold. The regional head of ICICI Bank quickly arrived at the branch to investigate the situation and review the affected accounts.
Police and Bank Response
Narasaraopet DSP K. Nageswara Rao has confirmed that multiple financial irregularities were discovered at the Chilakaluripet branch, with the manager heavily involved in fraudulent activities.
ICICI Bank has responded promptly, suspending the employees involved in the fraud. A bank spokesperson stated, “At ICICI Bank, we always put our customers’ interests first. We have a zero-tolerance policy for fraud, and we are conducting a thorough investigation. We want to reassure our customers that those with genuine claims will have their financial interests fully protected.”
What’s Next for Depositors?
ICICI Bank has taken immediate steps to address the issue, but customers remain concerned about their deposits and gold. The bank has promised to investigate thoroughly and ensure that affected customers with valid claims will be compensated. This situation serves as a reminder to all depositors to stay informed about their accounts and stay in contact with their bank in case of any concerns.
In times like this, it’s important to stay calm and let the investigation unfold, while keeping a close eye on official updates from the bank.
