CBI Launches Investigation Into Rs 1,000-Crore Mule Account Scam
The Central Bureau of Investigation (CBI) has recently filed an FIR against the branch head of Punjab & Sind Bank and 18 others in connection with a mule account scam involving over Rs 1,000 crore. The investigation revealed that these accounts were used to conceal and layer funds generated from cybercrime and other illicit activities.
According to officials, the agency initiated action based on its preliminary enquiry, which uncovered 13 mule accounts opened in the names of non-existent companies using forged documents. These accounts were reportedly opened at the Government Girls Senior Secondary School Branch in Rajasthan’s Sriganganagar, under the supervision of branch head Vikas Wadhwa.
The FIR alleged that these accounts were opened in violation of KYC norms, due diligence requirements, and standard operating procedures, with the connivance of certain bank officials. Mule accounts are typically used to launder illicit money, often without the account holders’ knowledge.
The CBI further stated that the accounts were used to route proceeds from cybercrimes and other illegal activities, with transactions amounting to approximately Rs. 1084.00 crore. The accused individuals, including Wadhwa, allegedly gained illicit profits at the expense of Punjab & Sind Bank.
Moreover, the agency highlighted the risks posed to the bank, including potential penalties and financial losses due to money laundering activities. The accused individuals are also accused of creating fictitious firms and fabricating documents to operate these current accounts.
Overall, the CBI’s investigation sheds light on a sophisticated financial fraud scheme that exploited loopholes in banking regulations and compromised the integrity of the banking system.
