Andhra Pradesh CID continues probe into irregularities in ICICI Bank

Vijayawada, Oct 11 : The Crime Investigation Department (CID) of Andhra Pradesh is continuing its investigation into financial irregularities to the tune of about Rs 28 crore in three branches of ICICI Bank in Palnadu and NTR districts.

For the second consecutive day on Friday, the CID officials were gathering details from account holders at the Chilakaluripet branch. The investigators were recording the statements of account holders who were victims of the irregularities.

About 72 account holders in the Chilakaluripet and Narasaraopet branches in Palnadu district and Vijayawada branch in the NTR district have suffered losses due to irregularities allegedly committed by three bank employees.

The CID will record the statements of some account holders every day about fixed deposits and gold loans.

The officials were also examining the bank records to verify the statements of the customers. The process may continue for the next few days.

CID Additional Superintendent of Police Adinarayana said they took up the investigation on a complaint by Sandeep Mehra, Vijayawada Zonal Manager of the bank.

The CID officials were looking into the alleged role of some bank employees in the diversion of funds from some accounts.

The ICICI Bank authorities in July this year detected irregularities by Naresh Chandrasekhar, who had worked as the manager in Chilkaluripet, Narsaraopet, and Vijayawada branches.

Naresh was suspended, and the bank higher-ups had initiated an internal probe against him. He was subsequently dismissed from service. He was suspected to have committed the irregularities with the help of two other employees.

The former branch manager had allegedly misappropriated funds from fixed deposit accounts for personal trading activities. There are also allegations that mortgaged gold items were either sold or re-mortgaged at other banks for profit.

"There are three to four categories of customers who were cheated. We are recording their statements," the CID official said.

Meanwhile, the ICICI Bank has assured that the financial interest of customers with genuine claims will be fully protected. It made it clear that it has a zero-tolerance policy towards any fraud.

"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 the matter and the financial interest of customers with genuine claims will be fully protected," an ICICI Bank spokesperson said.