Pune Branch Manager of ICICI Bank Arrested for Defrauding Customer of Rs 27 Lakhs

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Pune, 5th May 2023: A case of financial fraud has been reported in Pune where a branch manager of ICICI Bank has allegedly defrauded a customer of Rs 27 lakhs.

The accused, identified as Ashok Suryakant Kadam, has been booked under the charges of fraud after a complaint was lodged by the victim, Chetan Baliram Ethape.

According to the police, Kadam, who was a manager at ICICI Bank, took advantage of his position and lured the customer with the promise of buying ICICI Securities shares at a low price. He then gained Ethape’s trust and received a total of Rs 69 lakhs 46 thousand in his account through Phone Pay, Google Pay, and NEFT.

Kadam further made fake entries in Ethape’s ICICI Security portfolio, leading to the latter’s loss of Rs 27 lakhs. The accused has been arrested, and the police have launched an investigation into the matter.


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