Rs.3000 Crore Cyber Fraud at Punjab & Sind Bank’s Sri Ganganagar Branch in Rajasthan
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Rs.3000 Crore Cyber Fraud at Punjab & Sind Bank: A massive banking scam involving illegal transactions worth ₹3,000 crore has come to light at the Sri Ganganagar branch of Punjab and Sind Bank in Rajasthan. The fraud, which is suspected to be part of a large-scale cyber crime operation, was carried out using mule accounts. The cyber frauds involving mule accounts have increased a lot in the recent years. Recently, 8.5 Lakh Mule Accounts have been discovered in over 700 Bank Branches.
Preliminary investigations have revealed that between just six months, nearly ₹3,000 crore was moved through 17 fake accounts opened in the bank branch. These accounts were allegedly created using forged documents or stolen identities. They were then used to carry out suspicious and unauthorized financial transactions, possibly involving money laundering or other cyber crimes.
Rs.3000 Crore Cyber Fraud at Punjab & Sind Bank’s Sri Ganganagar Branch in Rajasthan pic.twitter.com/8rXAfe3J1E
— Hellobanker (@Hellobanker_in) July 28, 2025
What Are Mule Accounts?
Mule accounts are bank accounts used by cybercriminals to transfer or launder stolen money. These accounts are often opened in the names of unsuspecting people or by using fake identities. In this case, the fraudulent activity was hidden behind a network of such mule accounts, making it harder to trace the origin and destination of the funds.
CBI Launches Investigation in Rs.3000 Crore Cyber Fraud at Punjab & Sind Bank in Sri Ganganagar Branch in Rajasthan
The Central Bureau of Investigation (CBI) has taken charge of the probe. A team from the CBI Jodhpur unit is investigating the case under the leadership of IPS officer Rajveer Singh. The team has started examining bank records, transaction details, and identity documents related to the fake accounts.
Authorities are carefully scrutinizing documents and account records to uncover how these fake accounts were opened and operated without detection for such a long period. The possibility of internal collusion or negligence by Punjab & Sind bank staff is also being investigated.
This case is being treated as one of the biggest cyber frauds in recent banking history in Rajasthan. It raises serious concerns about loopholes in bank account verification systems and the misuse of digital banking infrastructure. Recently, CBI has also registered Case against various Bank Officials for opening Mule Accounts without proper verification.
More details will be released soon.
As long as Banks Executives consider Concurrent or internal Auditors are hindarence for their business growth and harass them to toy the line this will continue. Their making example of sincere Auditors in negative way makes other Auditors to toy the line to survive. Our Judiciary also is happy of giving selective Justice as per their whims and where the butter is more. Hope this attitude has reached its limits now and earlier they realise it better for every stakeholder except cyber criminals who have been made biggest stakeholders of financial sector by every authority that matters. My efforts for the last 3 decades with every authority that matters has failed to wake them up from their acting sleep.
“chirag hi aag laga dega Ghar ko”. Fraud detection and investigation to nell down culprit is so slow and twisted that it is almost impossible to see any improvement in near future. In most of the villages big villas and new reach coming out through digital fraud. No known source of incoming even they have purchased plots, field and constructing lavish houses. Enjoying ill gotten money with impunity. Much talked digitisation is going to eat up the banking industry.
This bank is known from the beginning as a fraud prone bank. The million dollar question is why it is still not merged with a strong nationalised bank. What is the motive behind Government’s reluctance to complete the merger process by merging the remaining six Government owned banks though the way they are run in the most unsatisfactory manner. After this himalayan fraud the FM should immediately merge this bank otherwise the problem will assume monstorous proportions