Key Points
A branch manager of ICICI Bank, along with his aides, withdrew crores of rupees from unsuspecting customers' accounts in order to meet business targets..
The withdrawal was made to create an illusion of opening new fixed deposit accounts, current and savings bank accounts, reported The Economic Times..
The matter turned worse when someone got a whiff of it and started blackmailing the officials..
Hence, this withdrawal of money from the accounts continued and the money was used to pay the Udaipur-based individual as hush money so that the whole act can be kept under wraps, said the report...
Under this, bank officials were creating overdrafts against FDs and using the money from the overdraft to open new current accounts, savings accounts and FD accounts..
