Two Nagpur cases put ICICI Bank's internal and cyber risk controls under scrutiny

Two separate cases involving ICICI Bank in Nagpur illustrate how banking risk is being tested on two fronts at once — inside the branch and across digital channels.

In the first, Economic Offences Wing investigations revealed a ₹23.19 crore fake gold-loan scam spanning nine Nagpur branches, in which borrowers colluded with bank-appointed valuers and branch managers to certify counterfeit jewellery as genuine gold and secure high-value loans.

In the second, the Nagpur Consumer Commission held ICICI Bank liable for deficiency of service in a ₹6.93 lakh FedEx parcel scam, ordering a full refund with 9% interest plus damages and ruling that banks cannot ignore sudden, abnormal high-value digital transfers.