Ex-BoI Officer Arrested in Ongoing Rs 16 Crore Fraud Investigation

Hitesh Kumar Singla, a former Bank of India official, has been remanded in CBI custody until November 1 in connection with a Rs 16 crore fraud case. He allegedly misappropriated funds from vulnerable accounts, transferring them to his personal accounts. The special court deemed his custodial interrogation necessary for further investigation.

A special court in the city on Tuesday remanded a former Bank of India official, Hitesh Kumar Singla, into CBI custody until November 1 over a Rs 16 crore fraud case. The court affirmed that the allegations against him were 'well-founded,' necessitating his custodial interrogation for a comprehensive investigation.

Singla, previously arrested by the Enforcement Directorate (ED) last month, is accused of misappropriating funds from vulnerable account holders such as senior citizens, minors, and deceased customers. The money was allegedly transferred into his personal accounts, involving a complex trail of stock market and cryptocurrency investments, which remains largely unrecovered.

The court emphasized the gravity of the case, involving criminal breach of trust and corruption, and approved CBI's request for a seven-day remand. Investigators revealed that Singla's actions targeted 127 account holders, uncovering the need to track the proceeds and identify any accomplices involved in the scheme.

(With inputs from agencies.)