ICICI Bank relationship manager swindles Rs 4.58 crore from 110 accounts, loses it all in stock market...

A relationship manager at an ICICI Bank branch in Kota has been accused of embezzling approximately Rs 4.58 crore from 110 customer accounts. The manager, whose identity has not been disclosed, allegedly exploited his position to access and siphon funds over an unspecified period. This breach of trust has left bank customers in shock and raised serious concerns about internal security protocols within the bank. According to preliminary investigations, the swindled funds were reportedly funneled into the stock market, where the manager attempted to multiply the ill-gotten money. However, these high-risk investments did not yield the desired returns, resulting in the complete loss of the embezzled amount. This reckless gamble underscores the dangers of unauthorized financial maneuvers and highlights the volatile nature of stock market investments. ICICI Bank has initiated a thorough investigation into the incident and is cooperating with law enforcement agencies to ensure accountability. The bank has assured affected customers that measures are being taken to rectify the situation and enhance security to prevent such breaches in the future. As the investigation unfolds, this case serves as a stark reminder of the importance of stringent oversight in financial institutions.

— Authored by Next24 Live