A family residing in South Mumbai fell victim to a financial scam orchestrated by an ex-employee of ICICI Bank, Ravi Sharma, who was formerly employed as a relationship manager in the bank. The family, whose bank account held a substantial Rs.10 crore, now faces the aftermath of this fraudulent scheme.
The joint account, held at ICICI Bank, included Monica Valecha (49), her three sisters, her 84-year-old father Vasudeo Valecha, and his 74-year-old wife Shanti. Mr. Vachela was categorized as a high-net-worth individual by the bank, leading to the assignment of Ravi Sharma as his relationship manager. Sharma handled various banking matters, ranging from signatures to insurance, mutual funds, FD-related forms, and investment procedures.
The unfortunate incident came to light on January 12, 2024, when Monica attempted to withdraw money from the bank. Despite multiple attempts, the transaction failed, and her card was declined. Upon contacting Sharma, she was advised to use a debit card instead of a credit card. However, after a withdrawal of Rs.12,000, her bank balance shockingly displayed a mere Rs.254.
Further investigation on January 16 revealed alarming figures in the account balances. Mr. Vachela’s account showed Rs.9, his wife’s account had Rs.771, and the balances of Monica’s sisters’ accounts were Rs.144 and Rs.41, collectively totaling around Rs.10 crore. The family discovered that Sharma had left his position three months prior, leaving them in financial distress.
In response to the incident, an ICICI spokesperson stated, “Our customers are our utmost priority, and we are wholeheartedly dedicated to safeguarding their interest. In this case, we will ensure that our customers do not face any financial loss due to fraudulent activity perpetrated by a former employee. We have filed an FIR against the employee and will cooperate with the authorities in their investigation.”
An FIR has been lodged against Ravi Sharma and Dhwanik Bhat, believed to be Sharma’s accomplice in the fraudulent activity.
