Mumbai: Suspended Bank of India officer Hitesh Kumar Singla, arrested by the ED for money laundering, allegedly targeted customers of four bank branches systematically.
About The Case
The probe revealed Singla invested Rs 8.27 crore siphoned from 127 accounts—belonging to senior citizens, minors, deceased, or dormant account holders—in the stock market. However, his Demat account currently holds no stocks, leading ED to claim the funds were further siphoned off. A special PMLA court remanded Singla to 14 days of judicial custody.
The agency found Singla used other staff members’ identities for transaction processing and verification without their knowledge, breaching trust. Singla admitted to bypassing bank procedures, closing accounts without requests or required verification by another officer.
The ED is still verifying several accounts, suspecting Singla may have siphoned off more funds than currently estimated, as the probe continues to uncover the full extent of the fraud.
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