Kota Bank Scam: ICICI Relationship Manager Diverts ₹4.58 Crore from FDs into Stock Market

A shocking bank fraud has come to light in Rajasthan’s Kota, where a relationship manager at ICICI Bank allegedly siphoned off ₹4.58 crore from customer fixed deposit accounts. The scam, which remained undetected for nearly two years, involved the misuse of bank facilities and a carefully planned deception by the accused.

110 Fixed Deposits, 41 Victims, and Over ₹4 Crore Gone

The accused, identified as Sakshi Gupta, was working as a relationship manager at ICICI Bank. Over a period spanning from 2020 to 2023, she reportedly misused the bank’s ‘User FD’ facility to withdraw funds illegally from 110 fixed deposit accounts belonging to 41 customers.

According to police, Gupta changed the registered mobile numbers on the bank accounts to those of her own family members. This allowed her to intercept One-Time Passwords (OTPs) and complete transactions without the knowledge of the actual account holders.

Fraud Discovered After a Customer Inquiry

The fraud came to light only in February 2025, when a customer approached the bank to inquire about a missing FD. This triggered an internal investigation, which exposed unauthorized withdrawals across several accounts. ICICI Bank promptly filed a police complaint on February 18.

Stock Market Used as the Money Trail

The diverted funds were allegedly channeled into the stock market, as per reports. Investigating officer Ibrahim Khan stated, “She linked the phone numbers of her family members to these accounts and withdrew more than ₹4 crore.” He also revealed that Gupta had developed a system to access OTPs on her device, ensuring the customers remained unaware of the fraudulent activity.

Arrested During Her Sister’s Wedding

In a dramatic turn, Gupta was arrested by the local police during her sister’s wedding and has since been sent to judicial custody. The case is now under detailed investigation, and more revelations may follow as authorities dig deeper into the two-year-long fraud.