Hello, @Mani,
Welcome to the Microsoft Q&A platform!
Yes, you can use Transport rules in Exchange to achieve this. Please set it up according to the following screenshot.
(Replace the two addresses above with your real mailbox addresses.)
After my test, you can help user who wants to observe mails without that mailbox owner notice finish his goal.
Should you need more help on this, you can feel free to post back.
If the answer is helpful, please click on “Accept answer” as it could help other members of the Microsoft Q&A community who have similar questions and are looking for solutions.
Thank you for your support and understanding.
Best Wishes,
Alex Zhang