Blackmail and Hush Money Gone Wrong! ICICI Bank Branch Manager Busted in Decades-Old Embezzlement Plot

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Blackmail and Hush Money Gone Wrong! ICICI Bank Branch Manager Busted in Decades-Old Embezzlement Plot

Blackmail and Hush Money Gone Wrong! ICICI Bank Branch Manager Busted in Decades-Old Embezzlement Plot

Synopsis:

The Rajasthan Police discloses the ICICI Bank scam, stating that a sum of ₹2.5 crore was given as hush money to those involved in blackmailing. An embezzlement plan has been discovered and seizures have been executed.

Pratapgarh, Rajasthan:  The branch manager of ICICI Bank in Pratapgarh, Rajasthan, purportedly misappropriated a substantial amount of money over multiple years in order to achieve business performance goals. Allegedly, he and his cohorts fabricated fraudulent accounts and redirected monies from unsuspecting customers’ accounts to artificially increase the appearance of new deposits.

Amit Kumar, the Superintendent of Police (SP) in Pratapgarh, Rajasthan, conducted initial investigations which revealed that the branch manager and his accomplices devised a complex embezzlement plan with the intention of achieving business performance goals. The modus operandi entailed generating overdrafts on fixed deposits (FDs) and redirecting funds to establish new current, savings, and FD accounts, employing a strategy usually referred to as ‘Entry and Reverse Entry’. These accounts were promptly formed and closed, and the funds were finally restored to their initial source.

A spokeswoman from ICICI Bank underscored the institution’s dedication to preventing any financial losses for genuine customers, while also asserting a strict policy of not tolerating any fraudulent activities. The employee involved has been temporarily suspended while an additional investigation takes place. The bank has lodged a formal complaint with the authorities and is actively assisting with the ongoing probes.

A Special Investigation Team (SIT) was formed on February 7, 2024, with ASP BhagchandMeena leading the team and including experts in cyber and financial forensics. Their thorough investigation sought to determine the scope of unlawful activities and financial misappropriations. Although the financial swindle has been confirmed, the precise origin of the losses remains unknown due to the accused manager’s lack of legal documentation.

Rajasthan Police revealed notable discoveries from their investigation, which involved the seizure of 62 bank accounts linked to the fraudulent activity, amounting to a combined sum of ₹62,71,490. In addition, a sum of ₹46 lakh in cash was confiscated, along with gold that was being used as collateral for a loan acquired by the individual who was blackmailing the bank manager.

The blackmailer from Udaipur, who is at the center of this story, is confronted with a multitude of allegations, such as murder, attempted murder, extortion, and various others. Police investigations uncovered evidence connecting the embezzlement of ₹45 lakh from the bank to the partial funding of a ₹3 crore property purchase. As a result, the authorities confiscated the farmhouse, revealing the complex network of illegal activity connected to financial misconduct.

Questions Remain:

Although the inquiry has revealed the fraudulent scheme and successfully retrieved a portion of the monies, there are still some unresolved inquiries:

  • Which accounts did the funds originate from?
  • What was the duration of the scheme?
  • What was the consumer impact?

Ongoing investigations aim to determine the complete scope of the fraudulent activity and apprehend every individual engaged.

Highlighted Figures:

Embezzled amount ₹2 crore (ICICI Bank) or ₹2.5 crore (police).
Recovered funds ₹62,71,490 plus ₹46 lakh in cash are included.
Blackmailer Individual from Udaipur with a prior criminal record.
ICICI Bank Clients experience no financial loss; an employee is suspended and assisting with the inquiry.

About The Author:

Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space.  Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM.  Naager entered the field of content in an unusual way.  He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts.  He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field.  In the bottom line, he frequently writes for Craw Security.

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