ICICIBANK

Relationship Manager Arrested for ₹4.58 Crore Fraud Involving Customer FDs and Loans

Synopsis A 26-year-old

relationship manager in Kota, Rajasthan, has been arrested for allegedly embezzling ₹4.58 crore from customers many of them senior citizens between 2020 and 2023. The fraud came to light after the bank filed a formal complaint with the police. According to the investigation, the employee misused her position by prematurely breaking customers' fixed deposits, creating overdraft facilities, and issuing personal loans without their knowledge. The siphoned funds were then used for high-risk trading in the stock market's futures and options (F&O) segment. The bank has confirmed that it has fully reimbursed the affected depositors. Disturbingly, the accused even involved her own family, reportedly taking funds from her father-in-law for speculative trading. The case highlights both the risks of internal fraud and the addictive lure of high-stakes market speculation.