Kota (Rajasthan), June 7 -- A former relationship manager at ICICI Bank's Shriram Nagar branch in Kota has been arrested for allegedly embezzling more than Rs.4.58 crore from customer accounts over a two-year period, media reports said.

Police said the fraud was first reported on February 18 this year.

The embezzled funds were allegedly funnelled into stock market investments, which later resulted in major financial losses.

A formal complaint was filed by branch manager Tarun Dadhich after he detected irregularities in transactions, which led to a comprehensive audit and eventually police intervention.

"She systematically transferred funds, sometimes using the account of an elderly woman who had no knowledge of the activity as a pool ...