CBI Cracks Down on Cybercrime: Mule Accounts Scandal in Punjab & Sind Bank

The CBI has filed FIRs against former Punjab & Sind Bank officials for opening mule accounts used in laundering over Rs 1,621 crore from cybercrime. The investigation revealed 17 fictitious firms involved, with forged documents facilitating these accounts. The illicit activity risks reputational and financial loss for the bank.

The Central Bureau of Investigation (CBI) has filed two First Information Reports (FIRs) targeting former branch managers of Punjab & Sind Bank in Sri Ganganagar and multiple accomplices. They are accused of creating mule accounts that laundered over Rs 1,621 crore from cybercrime and various illegal activities, officials reported on Friday.

Originating from a detailed preliminary enquiry, the investigation uncovered 13 mule accounts at the Government Girls Senior Secondary School branch, plus four at the main branch in Sri Ganganagar. These accounts were allegedly used to funnel significant sums from cyber and fraud-related crimes, according to the agency.

Named in the FIRs are former chief manager Aman Anand, Government Girls Senior Secondary School branch head Vikas Wadhwa, and other entities. The CBI alleges that unknown bank officials conspired to open these accounts using fake KYC documents and fictitious firm details, breaching due diligence protocols and standard procedures.

(With inputs from agencies.)