ICICI Bank Manager Accused of Major Fraud
An ICICI Bank branch manager in **Dhariyawad, Rajasthan**, allegedly misappropriated money from **unsuspecting depositors over several years** to meet business targets. The case also involved **blackmail**, with a portion of funds paid as hush money.
How the Scam Worked
- The manager and aides created fake overdrafts by breaking fixed deposits without customers’ consent.
- Funds were shuffled through new deposit accounts and then reversed, a method called **‘entry and reverse entry’**.
- An individual from Udaipur discovered the scheme and began blackmailing them.
- So far, around **₹2–2.5 crore** has been paid to silence the blackmailer.
Investigation and Police Action
- A **Special Investigation Team (SIT)** was formed on February 7 under Pratapgarh Police to probe the fraud.
- Investigators froze **62 bank accounts** and seized **₹46 lakh** in cash, along with gold linked to the blackmailer.
- The accused manager has been **suspended**, and police and ICICI Bank are cooperating in the ongoing investigation.
Customer Impact and Bank Response
- ICICI Bank stated that **genuine customers will not face losses** and reiterated its **zero-tolerance policy on fraud**.
- The fraud scheme reportedly ran for **several years**, with no immediate losses expected to depositors.
This case highlights how internal pressure to meet targets can lead to serious abuse and stresses the need for strict checks on account activity and employee conduct.
| ICICI Bank manager allegedly stole depositor money through fraudulent overdrafts to meet targets, paid ₹2.5 crore in hush money. Investigation ongoing. | ICICI Bank, fraud, branch manager, money laundering, Rajasthan scam | Finance, Crime | Posted | 2025-07-05 20:10 | *(Add your featured image URL here)* |