The Central Bureau of Investigation (CBI) has registered two FIRs against former branch heads of Punjab & Sind Bank in Sri Ganganagar, Rajasthan, for their alleged involvement in a massive money laundering case. The agency has also named several other individuals and companies in the investigation.
According to the FIRs, the accused opened 17 “mule accounts”—bank accounts created in the names of fake companies—to channel and conceal more than ₹1,621 crore. The CBI alleges that the funds transferred through these accounts came from cybercrime and other illegal activities.
The accounts were reportedly opened in two branches of the bank: 13 at the Government Girls Senior Secondary School branch and four at the main Sri Ganganagar branch. The FIRs state that the officials used forged KYC documents, fake rent agreements, and fabricated verification reports to set up these accounts. Once operational, the accounts were allegedly used to “route, layer, and transfer” illicit money through multiple banking channels, making it difficult to trace.
Those named include Aman Anand, former chief manager of the main branch, and Vikas Wadhwa, head of the school branch, along with a number of companies and individuals who reportedly assisted in preparing false documents. The CBI has accused them of violating banking norms, including due diligence and KYC requirements, which not only facilitated the scam but also caused reputational damage to Punjab & Sind Bank.
A mule account, as explained by investigators, is a bank account opened using fake or stolen identities. Criminals use such accounts to move illegal funds without the account holder’s knowledge. In this case, the alleged misuse highlights how systemic loopholes in banking procedures can be exploited.
The CBI investigation is ongoing, and the agency is gathering evidence to determine the full extent of the scam.
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