Punjab & Sind Bank Officer transferred Rs 52 crore from customer’s FD to his account

The Enforcement Directorate (ED) has taken significant action by attaching the assets of a former Punjab & Sind Bank official accused of breaking customer fixed deposits (FDs) totaling over ₹52 crore. This illicit activity involved the misappropriation of funds for online gaming.

Legal Action Under PMLA

The ED’s action follows a case filed under the Prevention of Money Laundering Act (PMLA) against the bank official. The federal agency has stated that it attached immovable property and fixed deposits worth ₹2.56 crore belonging to the accused bank employee.

Suspended Bank Official and Unauthorized FD Breaks

Bedanshu Shekhar Mishra, the accused, was suspended by Punjab & Sind Bank in November 2022. The suspension occurred after revelations that, during his tenure at the bank’s Khalsa College branch in Delhi University’s north campus, he unauthorizedly broke customer FDs. Mishra used his system ID and those of other staff members for these unauthorized transactions.

Timeframe of the Fraud

The fraudulent activities took place between 2021-22, and the ED’s case is based on an FIR filed by the Central Bureau of Investigation (CBI).

Fraudulent Transactions and Misappropriation

Bedanshu Shekhar Mishra reportedly misused his official position, committing fraud and forgery. He used his system ID and others’ to break FDs without customers’ knowledge, leading to the misappropriation or siphoning of public money amounting to ₹52,99,53,698.

Funds Diverted to Online Gaming

The accused primarily diverted the proceeds of the crime to online gaming companies. This was achieved by channeling the funds through diverse current accounts associated with various business entities. Mishra directed the transfer of funds to accounts held by the owners of gaming companies on a commission basis.

ED’s Provisional Order

In response to these fraudulent activities, the Enforcement Directorate issued a provisional order under the Prevention of Money Laundering Act (PMLA) to seize Mishra’s immovable properties and fixed deposits totaling ₹2.56 crore. This legal action aims to curb the financial impact of Mishra’s alleged misappropriation and protect the interests of those affected.