The CBI has registered two separate FIRs against former branch heads of Punjab & Sind Bank in Sri Ganganagar, Rajasthan, and others for allegedly opening mule accounts used to conceal and layer over ₹1,621 crore generated from cybercrime and other illicit activities.
Punjab & Sind Bank Fraud Case Details
The agency initiated action following a preliminary enquiry that revealed 13 mule accounts at the bank’s Government Girls Senior Secondary School branch and four at the main branch in Sriganganagar. These accounts were allegedly used to launder illicit funds obtained through cybercrimes and other fraudulent activities.
Former chief manager and head of the main branch, Aman Anand, and Vikas Wadhwa, head of the Government Girls Senior Secondary School branch, are among those booked in the case, along with companies and individuals involved in facilitating the account openings.
Investigators found that forged and fabricated KYC documents, false rent agreements, and other supporting documents were used to open these accounts.
According to the FIRs, the accounts were opened with the alleged connivance and criminal conspiracy of unknown bank officials, violating KYC norms, due diligence requirements, and standard operating procedures.
A mule account, created using falsified identification, is used to move or launder illicit money, often without the knowledge of the individual whose details were used to open the account.
The agency alleges that fake site visit reports and business verification documents were created by bank officials to facilitate the opening of current accounts in the names of fictitious firms.
All 17 firms in whose names the accounts were opened are reportedly non-existent and were created solely for the purpose of operating these accounts using forged documents.
Significant transactions, totaling thousands of crores of rupees, were allegedly routed through these mule accounts via various banking channels and digital platforms.
The agency alleges that these accounts were used to route, layer, and transfer proceeds of cybercrime and other illicit activities.
The CBI stated that the accused individuals made illicit gains and caused “wrongful reputational loss” to Punjab & Sind Bank. The bank also faces potential financial penalties and risks related to money laundering allegations.
Published – January 17, 2026 06:51 am IST
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