ICICI Bank Files Complaint After Customer Alleges ₹16 Crore Fraud, Claims Customer Cooperation

27 Feb 2024 , 09:24 AM

ICICI Bank, headquartered in Mumbai, has clarified that it has initiated a complaint with the Economic Offences Wing (EoW) of Delhi to investigate allegations made by a customer regarding ₹16-Crore fraud in her account by a senior manager.

In a statement to a publication house, the bank asserted, ‘As an aggrieved party, we have lodged a complaint with the Economic Offences Wing (EoW) of Delhi Police for a thorough investigation into the matter which appears to be much more than meets the eye. We are extending full cooperation to the police investigation.’

The complaint stems from Shveta Sharma, a resident of Gurugram, who lodged a complaint with the Economic Offences Wing in Delhi, alleging that she lost ₹16 Crore due to the actions of a now-suspended ICICI Bank official.

The account in question was an NRE (Non-resident External) account, opened at a branch in old Gurugram, near Delhi.

Shveta Sharma, speaking to BBC, expressed her surprise at the unfolding events, stating, ‘I never suspected anything was amiss as the branch manager would give me proper receipts for all the deposits on the bank’s stationery, regularly send me email statements from his ICICI account, and sometimes even come over with folders of documents.’

The fraud was brought to light in January when another employee from the same branch offered better returns on her money. It was then that Sharma discovered that all her Fixed Deposits had disappeared, and there was also an overdraft of ₹2.5 Crore ($25 million) taken against one of the deposits.

In response, ICICI Bank issued a statement emphasizing their commitment to customer welfare, stating, ‘Our customers are our utmost priority, and we are wholeheartedly dedicated to safeguarding their interests. In this case too, we will ensure that the customer’s financial interests are protected. In fact, we have communicated to the customer that we are ready to transfer the disputed amount of ₹9.27 Crore (she has already encashed a fixed deposit of ₹2 Crore) to her account with a lien, pending the outcome of the investigation.’

The bank also highlighted that they had consistently sent transaction details to Sharma’s registered mobile number and email id since the accounts were opened a few years ago.

‘It is bewildering that the customer claims to be unaware of these transactions and balances in her account over the past three years, and she only recently noticed a discrepancy in her account balance. This discrepancy ought to have been observed by the customer when filing Income Tax returns as well,’ the bank added.