ICICI Bank branch manager duped depositors of crores for years to meet targets

economictimes.indiatimes.com:

ICICI Bank branch manager and his aides managed to meet their business performance targets for years by withdrawing money out of the bank accounts of unsuspecting account holders of the branch. They withdrew this money to create an illusion of opening new FD, current and savings accounts.
However, someone got to know about it and started blackmailing the bank branch officials. To cover up their misdeeds, their act of misappropriation of money went to the next level and more money was taken out of the bank accounts of customers and was used to pay an Udaipur-based individual as hush money.
Rajasthan Police officials have confirmed that till date about Rs 2.5 crore has been paid as hush money to that Udaipur-based individual who has been blackmailing the ICICI Bank branch manager.

According to Amit Kumar, Superintendent of Police (SP), Pratapgarh, Rajasthan, the preliminary investigations have revealed that the branch manager and his accomplices did this misappropriation due to the pressure of meeting business performance targets. These officials had been creating overdrafts against FDs and using the money from the overdraft to open new current accounts, saving accounts and FD accounts. This technique is called 'Entry and Reverse Entry' in banking parlance. After a few days the newly created current accounts, saving accounts and FD accounts would be closed, and the money would be routed back to the source bank accounts. This operation has been running for years.

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