ICICI Bank Moves Economic Offences Wing After NRI Woman Gets Duped of Rs 16 Crore

An Indian woman, Shveta Sharma, has accused a manager at ICICI Bank of defrauding her by siphoning off Rs 16 crore

An Indian woman who used to live in the United States and Hong Kong has accused an account manager at one of the largest private banks in India of engaging in fraudulent activities and duping her of Rs 16 crore.

However, she alleged that a bank official created fake accounts, forged her signature, and manipulated her records to withdraw money without her knowledge, the report said.

Sharma, who returned to India in 2016 after living abroad, deposited her life savings of around Rs 13.5 crore in ICICI Bank over four years, expecting it to grow to Rs 16 crore with interest.

The fraud came to light in January when a new bank employee offered better returns on her money, and she discovered that her fixed deposits had vanished.

ICICI Bank has suspended the accused branch manager pending investigation and lodged a complaint with the Economic Offences Wing (EOW) of the Delhi police.

“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 Rs 9.27 crore (she has already encashed a fixed deposit of Rs 2 crore) to her account with a lien, pending the outcome of the investigation,” the bank said in a statement.

The lender further mentioned that they had consistently sent transaction details to the customer’s registered mobile number and email id since the accounts were opened a few years ago.

“She alleged that the mobile number and email ID of her account were changed without her knowledge. However, our records indicate that notifications regarding both changes were sent to her original mobile number and email address which were registered with the Bank. Furthermore, the new number is listed on the website of a company owned by the customer herself, the bank said.

Sharma refused to divulge the details on the money that she had transferred from her US bank account to the ICICI Bank account, stating only that she wanted the Indian bank to invest the money in fixed deposits (FDs).