The Indian banking industry has seen various governance scams in the recent years. In the last 3 years, there has been a loss of thousands of crores due to various scams. Our paper reveals the managerial fraud which happened in ICICI bank in 2018. We also try to find out the predictive ability of financial and corporate governance variables to detect fraud so that such fraud doesn’t happen in the future. In this paper we found out that it is not easy to predict the managerial fraud in the case of ICICI bank with the help of financial and governance variables as the success rate is half. Better and more stringent monitoring policy is required to avoid such frauds or scams in future.

KEYWORDS: Banks, Fraud, Financial Ratios, Corporate Governance Variables, Logistic Regression.