Chilakaluripet ICICI branch to probe fraud, ensure customer protection

Vijayawada: ICICI Bank has committed to investigating financial irregularities at its Chilakaluripet branch in Palnadu district to safeguard the interests of its customers. In a statement released on Friday, a bank spokesperson emphasized that customer protection is a top priority. The spokesperson noted that an irregularity had been reported, leading to the suspension of the involved employees. The bank maintains a zero-tolerance policy towards fraud.

In the meantime, several depositors visited the Chilakaluripet branch to inquire about the safety of their fixed deposits and mortgaged gold. Local police indicated that the bank has a ‘Risk Containment Unit’ in Hyderabad, which was alerted to fraudulent activities involving the branch manager and a gold appraiser. Senior officials are currently reviewing records to identify the irregularities. According to RBI guidelines, if the financial discrepancies exceed Rs 2 crore, the RBI will initiate an inquiry to ascertain the facts and hold the responsible parties accountable. It has been reported that the misappropriation of depositor funds at this branch amounts to Rs 30 crore.