Suspended Bank of India Officer Arrested for Money Laundering in Mumbai
A suspended Bank of India officer, Hitesh Kumar Singla, has been arrested by the Enforcement Directorate (ED) on charges of money laundering. Investigations reveal that Singla systematically targeted customers of four bank branches, misappropriating funds from multiple accounts.
Details of the Case
The probe uncovered that Singla siphoned off approximately Rs 8.27 crore from 127 accounts. These accounts belonged to vulnerable groups including senior citizens, minors, deceased individuals, or those classified as dormant. The stolen money was allegedly invested in the stock market through his Demat account.
Currently, Singla’s Demat account holds no stocks, prompting the ED to believe that the funds have been further diverted elsewhere. A special PMLA court has remanded Singla to 14 days of judicial custody as investigations continue.
Modus Operandi and Further Investigations
The agency discovered that Singla misused the identities of other bank staff members to process and verify transactions without their knowledge, thereby breaching the trust placed in him. He also admitted to bypassing standard bank procedures, including closing accounts without customer requests or proper verification by another officer.
The ED is still examining numerous accounts and suspects that Singla might have embezzled more funds than currently estimated. The ongoing investigation aims to uncover the full extent of the fraud.
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