FIR filed against Punjab & Sind Bank Chief Manager for opening Mule Accounts in Rajasthan
A more case of mule accounts has been reported from Punjab & Sind Bank in Rajasthan. The CBI has registered two separate FIRs against former branch heads of Punjab & Sind Bank in Sri Ganganagar and others for allegedly opening mule accounts. The CBI said that these accounts were used to conceal and layer funds over ₹1,621 crore generated from cybercrime and other illegal activities.
A mule account is a bank account used by criminals to move illegally obtained money (like from scams, phishing) to hide its origin, making it look legitimate, with the account holder (the “money mule”) either unknowingly tricked or knowingly helping by receiving and then forwarding funds
The agency has taken action based on its preliminary enquiry, which exposed 13 mule accounts in the bank’s Government Girls Senior Secondary School branch in Rajasthan’s Sriganganagar and four such accounts in the main branch of the bank in the district.
The agency has booked former chief manager and head of the main branch, Aman Anand, and that of the Government Girls Senior Secondary School branch, Vikas Wadhwa, besides several other entities in the case, including the companies and individuals who facilitated the opening.
The CBI found that several individuals arranged forged and fabricated KYC documents, false rent agreements, and other fabricated supporting documents used for opening these accounts.
“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 has alleged in the FIRs.
“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 agency FIRs alleged.
