Acting on findings from a preliminary enquiry, the central investigation agency has launched criminal cases against former branch heads of Punjab & Sind Bank in Rajasthan for their alleged role in a large mule account scam involving ₹1,621 crore linked to cybercrime and other illegal activities.
The agency registered 2 separate FIRs against former chief manager and head of the bank’s main branch in Sri Ganganagar, Aman Anand, and former head of the Government Girls Senior Secondary School branch, Vikas Wadhwa, along with several other individuals and entities. Officials said the accused were allegedly involved in opening mule accounts that were later used to conceal, layer, and transfer illicit funds.
The enquiry revealed 13 mule accounts at the Government Girls Senior Secondary School branch and 4 similar accounts at the main branch in Sri Ganganagar district. Through these 17 accounts, ₹1,621 crore generated from cybercrime and other frauds was allegedly laundered using multiple banking channels and digital platforms.
Investigators found that forged and fabricated Know Your Customer documents, fake rent agreements, and other false supporting papers were arranged to open these accounts. According to the FIRs, all 17 firms in whose names the current accounts were opened were non-existent and created only for this purpose.
“The said accounts were allegedly opened with the connivance and criminal conspiracy of unknown bank officials, violating KYC norms, due diligence requirements and standard operating procedures,” the agency alleged.
The FIRs further stated that bank officials prepared fake site visit reports and business verification records to enable the opening of current accounts in the names of fictitious firms. “Fake site visit reports and business verification were created by the bank officials to facilitate opening of these current accounts in the names of fictitious firms,” the FIRs said.
A mule account, typically opened using falsified identity documents, is used to move or launder illegal money, sometimes without the knowledge of the individuals whose details are misused.
The agency said the accused gained unlawfully from the scheme and caused “wrongful reputational loss” to Punjab & Sind Bank. It also warned that if money laundering charges are established, the bank could face penalties, exposing it to further financial risk and losses.
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