ICICI Depositors Alarmed by ₹30 Crore Fraud at Chilakaluripet Branch

Vijayawada:Depositors at the ICICI Bank branch in Chilakaluripet, Palnadu district, are expressing deep concerns over financial irregularities exceeding Rs 30 crore. This news surfaced on Thursday, prompting fears about the safety of their deposits and gold ornaments stored in the bank. Authorities report that the branch manager, a gold appraiser, and other staff members are implicated in these irregularities.

Initial investigations suggest the branch manager misappropriated funds from fixed deposit accounts for personal trading activities. Additionally, mortgaged gold items were either sold or re-mortgaged at other banks for profit.

The branch manager has a troubling history, previously working at branches in Narasaraopet, Chilakaluripet, and Vijayawada, and has faced suspensions for past misappropriations totaling Rs 65 lakh at the Vijayawada branch. Following news of the fraud, concerned depositors flocked to the Chilakaluripet branch to inquire about the security of their fixed deposits and mortgaged gold. The regional head of ICICI Bank promptly arrived to review the accounts.

Narasaraopet DSP K. Nageswara Rao stated, “Multiple financial irregularities have been identified at the Chilakaluripet branch, with the bank manager engaged in fraudulent practices concerning fixed deposits and gold mortgages.”

An ICICI Bank spokesperson said, “We, at ICICI Bank always put the customer’s interest at the core of our activities. An irregularity has been brought to our attention and the employees those seem to be involved have been suspended.

We have a zero tolerance policy towards any fraud. We would like to re-assure that we will investigate into the matter and the financial interest of customers with genuine claims will be fully protected.”