The branch manager of an ICICI Bank branch, Varun Vashishta, has confessed to committing fraud by forging the signature of an NRI customer, according to an ET report.
The bank, in a complaint letter to Vikas Puri Police Station in Delhi dated January 6, 2024, detailed that an overdraft facility amounting to Rs 2.7 crore was created by Vashishta by forging the customer’s signature on the overdraft account opening form. Subsequently, Rs 2.68 crore was siphoned off from the account.
The Magnitude Of Fraud And Police Complaint
Initially estimated at around Rs 2.68 crore, the fraud’s scope expanded during investigations, revealing a potential total of close to Rs 12 crore, rising to approximately Rs 16 crore when including interest. The embezzlement, believed to have commenced in 2019, only recently surfaced when the victim NRI customer raised the alarm.
Victim Complaint
The victim’s complaint, addressed to the Economic Offences Wing (EOW), exposed 43 beneficiaries who received unauthorised funds from her NRE bank account. A staggering Rs 2.5 crore was withdrawn, with Rs 9.5 crore transferred to these beneficiaries over the years.
Unnoticed Scam: Hotel Connection
The victim’s husband, running a hotel in Delhi, held a current account at the ICICI Bank branch. Regular deposits were made in an NRE account at the Vikaspuri branch in 2019. The fraud remained undetected as the bank manager handed over forged fixed deposit (FD) receipts during home visits, leading the victim to believe the accounts were genuine.
Bank’s Response and Customer Allegations
ICICI Bank, responding to allegations, asserted that transaction details were consistently sent to the customer’s registered mobile number and email. The bank expressed bewilderment that the customer claimed unawareness of transactions over three years. The customer countered, stating that she never suspected fraud as the bank manager visited her home to deliver FD receipts and assured her of their authenticity.
Mobile Number and Email Changes
The victim alleged that the branch manager changed her mobile number and email address without her knowledge. ICICI Bank, however, countered, claiming notifications about these changes were sent to the registered details. The bank argued that the customer’s new number was listed on a company website owned by her.
ICICI Bank, as the aggrieved party, lodged a complaint with the Economic Offences Wing (EOW) for a thorough investigation. The bank offered to transfer the disputed amount of Rs 9.27 crore to the victim’s account, pending investigation outcomes. The case, initially under Vikas Puri Police, has been transferred to EOW for further scrutiny.
The conflicting claims between the victim and the bank have complicated the case. Only a comprehensive investigation by the Economic Offences Wing (EOW) can unveil the truth behind this intricate financial fraud.
