Shveta Sharma, an Indian resident, has raised accusations against a manager at ICICI Bank, one of India’s prominent financial institutions, alleging the misappropriation of 160 million rupees ($1.9 million) from her account. Sharma had initiated fund transfers from her US account to ICICI Bank to invest in fixed deposits. However, she contends that a bank official orchestrated a series of fraudulent activities, including creating fake accounts, forging her signature, and manipulating her mobile number. These actions were purportedly undertaken to withdraw funds from Sharma’s accounts surreptitiously.

Over four years, from September 2019 to December 2023, Sharma claims to have deposited her entire life savings, totaling around 135 million rupees, into the bank. This sum would have grown to over 160 million rupees with anticipated interest. The fraudulent activities went undetected initially, as the bank official allegedly provided fabricated statements and manipulated notifications to conceal the unauthorized transactions.

The fraudulent activities came to light in early January when a new employee at the bank offered to enhance Sharma’s returns. During this process, Sharma discovered the disappearance of her fixed deposits. Despite several meetings with top bank officials and the provision of detailed information regarding the fraudulent transactions, she has yet to witness the return of her funds. This wait has extended beyond six weeks.

While ICICI Bank has acknowledged the occurrence of the fraud, emphasizing its commitment to resolving the issue and penalizing those involved, it offered to deposit 92.7 million rupees into Sharma’s account with a lien pending the investigation’s outcome. However, Sharma rejected this offer, expressing dissatisfaction with the amount and highlighting the potential account freeze during the protracted police investigation.

This incident follows another recent fraud case involving ICICI Bank, where a branch manager and associates were implicated in defrauding depositors of significant sums. In response, the bank swiftly took action against the manager, assuring that none of the customers incurred losses.

Sharma’s allegations bring attention to concerns about fraud within the Indian banking sector, emphasizing the importance of heightened vigilance among customers. While such cases are not commonplace, the need for customers to regularly monitor their accounts and exercise caution, particularly when trust is placed in bank officials, becomes evident. ICICI Bank has reiterated its commitment to reimbursing Sharma once the police investigation concludes and her allegations are substantiated. Despite the bank’s assurance of punitive measures against those responsible, the incident contributes to the broader scrutiny of the security and integrity of financial transactions in India.