Rs.3000 Crore Cyber Fraud at Punjab & Sind Bank’s Sri Ganganagar Branch in Rajasthan

Update

Punjan & Sind Bank has released following clarification:

This has reference to certain news report / articles in the media publications pertaining to suspected “money mule” transactions observed in one of the branches of our bank. The Bank, in the ordinary course of surveillance and transaction monitoring, identified certain transactions that exhibited characteristics associated with money mule activity.

The Bank proactively reported such instances to the relevant authorities. We further confirm that these transactions do not have any material impact on the Bank’s financial position or operations. This clarification is being provided as a measure of transparency and to keep the stakeholders appropriately informed.

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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.

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Rs.3000 Crore Cyber Fraud at Punjab & Sind Bank’s Sri Ganganagar Branch in Rajasthan pic.twitter.com/8rXAfe3J1E

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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.