The Central Bureau of Investigation (CBI) has registered an FIR against the branch head of Punjab & Sind Bank and 18 others for allegedly facilitating the opening of mule accounts that were used to hide and layer over ₹1,000 crore generated from cybercrime and other illegal activities, officials said on Friday.
The case follows a preliminary enquiry that uncovered a major banking fraud involving 13 mule accounts opened in the names of non-existent companies using forged and fabricated documents. These accounts were created at the Punjab & Sind Bank’s Government Girls Senior Secondary School Branch in Sriganganagar, Rajasthan, which was headed by Vikas Wadhwa at the time.
According to the CBI, several individuals arranged fake KYC documents, false rent agreements and other forged supporting papers to open the accounts, which were later used to route illicit funds. The agency alleged that the accounts were opened in criminal conspiracy with unknown bank officials, in gross violation of KYC norms, due diligence requirements and standard operating procedures.
Investigators believe the network was designed to conceal and launder huge sums of money generated from cyber fraud and other unlawful activities, making it one of the biggest mule account rackets detected in recent times.
The CBI has initiated further investigation to identify the full network involved and to trace the money trail linked to the massive cybercrime operation.
(This story is published from a syndicated feed)
