ICICI Bank Moves Police

Battered by rumours that cast doubts about its financial health, ICICI Bank - Coimbatore on Sunday approached police alleging certain brokers with a Mumbai-based brokerage house were indulging in "malicious" rumour mongering. Terming it has economic terrorism, an ICICI Bank spokesman said "we will be approaching all regulators including SEBI on this."

ICICI Bank scrips have suffered heavy looses including 20 per cent on Friday in the face of onslaught of rumours though the largest private sector lender has been maintaining that it was facing no crunch and its financial position was strong. In its complaint filed before the Economic Offences wing of the Mumbai police as also Comimbotire police, the bank said that a broker or sub-broker in Coimbatore was indulging in misinformation through sms and other means aimed at creating panic amongst the depositors causing withdrawal of deposits.

ICICI Bank Managing Director K V Kamth has already talked to Finance Minister P Chidmabaram about the vested interest who deliberately are hammering down the share prices and has also asked SEBI for a proper investigation. "The concerted effort to spread malicious rumours could be new form of economic terrorism (akin to how counterfeit currency is put into circulation to lower the public faith and confidence, and cause national economic interests to be compromised), the complaint said. According to the complaint one of the sms read, "kindly withdraw all your deposits and cash in account with ICICI Bank as ICICI bank already rushed to the RBI for insolvency."

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