Shveta Sharma, an Indian resident who had spent years abroad in the United States and Hong Kong, returned to India. Unfortunately, she fell victim to an alleged fraud perpetrated by a now-suspended ICICI Bank official, resulting in the loss of her life savings amounting to Rs 16 crore ($1.9 million).
Sharma recounted how the branch manager provided receipts on official stationery, sent regular email statements, and even visited with folders of documents.
Despite these assurances, all her fixed deposits vanished, and an overdraft of Rs 2.5 crore ($25 million) appeared in her account. The bank has committed to transferring the disputed amount of Rs 9.27 crore to her account pending further investigation. The ordeal left Sharma deeply affected, confining her to bed for a week.
ICICI Bank reiterated its commitment to customer protection and cooperation with investigations. They cited records indicating notifications sent to Sharma’s original contact details, although she alleged unauthorized changes made to her mobile number and email ID linked to the account.
The bank lodged a complaint with the Economic Offences Wing (EoW) of Delhi Police, emphasizing the complexity of the case.
To safeguard NRI funds managed by parents in India, families should monitor bank statements closely, update contact information securely, document financial transactions, seek advice from experts, and report suspicious activity promptly.
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