Pune: Bank manager defrauds customers, creates fake portfolio entries

An incident has come to light wherein an ICICI Bank branch manager allegedly defrauded customers of Rs 27.46 lakh by creating fraudulent entries in their portfolios. He reportedly promised to purchase ICICI Securities shares at a lower price but instead made fake entries.

A Policenama report stated that a complaint (69/23) has been lodged by Chetan Baliram Itape (36), who resides in Wagholi, at the Koregaon Park police station. As per the complaint, Ashok Suryakant Kadam committed the crime between May 2021 to October 2022. The police have registered an FIR against him.

According to the police, Ashok Kadam, who was a manager at ICICI Bank, used his position to deceive the complainant by promising to purchase shares of ICICI Securities at a reduced price. The complainant, who trusted Kadam because of his position, fell for the scam.

Using PhonePay, GooglePay and NEFT, Kadam allegedly took a total of Rs 27.46 lakh from the victim on multiple occasions. To deceive him, Kadam created bogus entries in the ICICI Securities portfolio, making it appear that he had made the purchases on the victim's behalf. It was only after the victim realised he had been defrauded that he filed a complaint. The case is being investigated by PSI Varal.