Major Cybercrime Uncovered: Punjab & Sind Bank Scandal

The Central Bureau of Investigation (CBI) has filed an FIR against the head of Punjab & Sind Bank's Sriganganagar branch and 18 others. They're accused of creating 'mule accounts' to launder over Rs 1,000 crore derived from cybercrime. The accounts were allegedly opened using forged documents in a coordinated scam.

The Central Bureau of Investigation (CBI) has formally registered a First Information Report (FIR) implicating the head of Punjab & Sind Bank's branch in Rajasthan's Sriganganagar, along with 18 accomplices. They are accused of creating 'mule accounts' which were allegedly used to disguise and move funds exceeding Rs 1,000 crore, obtained through cybercrime and illicit activities, according to officials.

CBI's investigations revealed the presence of 13 such accounts, purportedly created in the identification of fake companies using fraudulent documents. It was further discovered that these accounts emerged from a collusion involving unknown bank officers, who bypassed standard KYC norms and procedures to facilitate a sophisticated laundering mechanism.

The scheme reportedly involved the employment of falsified documents, rental agreements, and counterfeit site inspection reports to validate account openings. Through these mule accounts, substantial transactions were conducted across various banking platforms, cumulating in over Rs 1,000 crore in supposed criminal proceeds, raising the potential of significant financial penalties for the bank.

(With inputs from agencies.)