The CBI has registered two separate FIRs against former branch heads of Punjab & Sind Bank in Sri Ganganagar and others for allegedly opening mule accounts which were used to conceal and layer funds over Rs 1,621 crore generated from cybercrime and other illicit activities, officials said Friday.
The agency has taken action on the basis of its preliminary enquiry, which exposed 13 mule accounts in the bank's Government Girls Senior Secondary School branch in Rajasthan's Sriganganagar and four such accounts in the main branch of the bank in the district through which Rs 1,621 crore of illicit funds generated through cyber crimes and other frauds were laundered, they said.
The agency has booked former chief manager and head of the main branch, Aman Anand, and that of the Government Girls Senior Secondary School branch, Vikas Wadhwa, besides a number of other entities in the case, including the companies and individuals who facilitated the opening.
The agency found that several individuals arranged forged and fabricated KYC documents, false rent agreements and other fabricated supporting documents used for opening these accounts.
"The said accounts were allegedly opened with the connivance and criminal conspiracy of unknown bank officials, violating KYC norms, due diligence requirements and standard operating procedures," the agency has alleged in the FIRs.
A mule account — set up using falsified identification documents — is primarily used to move or launder illicit money, with or without the knowledge of the individuals whose details have been used to open the account.
"Fake site visit reports and business verification were created by the bank officials to facilitate opening of these current accounts in the names of fictitious firms," the agency FIRs alleged.
The central probe agency said all the 17 firms in whose names the said current accounts were opened were non-existent and created solely to open and operate these current accounts using forged and fabricated documents.
It is further revealed that significant transactions worth thousands of crores of rupees were routed through these mule accounts through various banking channels and digital platforms, the FIRs alleged.
"These accounts were subsequently used to route, layer and transfer proceeds of cyber-crime and other illicit activities," the agency alleged.
The CBI said the accused persons made illicit gain for themselves and corresponding "wrongful reputational loss" to the Punjab & Sind Bank.
"Besides this, if the allegations of money laundering are made out, the accused persons have also exposed the bank to the risk of penalties, thereby placing the bank in a position where it is likely to suffer financial loss on account of such penalties as well," the CBI FIRs alleged.
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