CBI books former Punjab & Sind Financial institution department heads in ₹1,621 crore mule account rip-off

The CBI has registered two separate FIRs towards former department heads of Punjab & Sind Financial institution in Sri Ganganagar and others for allegedly opening mule accounts which have been used to hide and layer funds over ₹1,621 crore generated from cybercrime and different illicit actions, officers mentioned on Friday (January 16, 2026).

The company has taken motion based mostly on its preliminary enquiry, which uncovered 13 mule accounts within the financial institution’s Authorities Women Senior Secondary Faculty department in Rajasthan’s Sriganganagar and 4 such accounts in the primary department of the financial institution within the district by means of which ₹1,621 crore of illicit funds generated by means of cyber crimes and different frauds have been laundered, they mentioned.

The company has booked former chief supervisor and head of the primary department, Aman Anand, and that of the Authorities Women Senior Secondary Faculty department, Vikas Wadhwa, in addition to a number of different entities within the case, together with the businesses and people who facilitated the opening.

The company discovered that a number of people organized solid and fabricated KYC paperwork, false lease agreements, and different fabricated supporting paperwork used for opening these accounts.

“The mentioned accounts have been allegedly opened with the connivance and prison conspiracy of unknown financial institution officers, violating KYC norms, due diligence necessities and customary working procedures,” the company has alleged within the FIRs.

A mule account — arrange utilizing falsified identification paperwork — is primarily used to maneuver or launder illicit cash, with or with out the information of the people whose particulars have been used to open the account.

“Pretend web site go to experiences and enterprise verification have been created by the financial institution officers to facilitate opening of those present accounts within the names of fictitious corporations,” the company FIRs alleged.

The central probe company mentioned all of the 17 corporations in whose names the mentioned present accounts have been opened have been non-existent and created solely to open and function these present accounts utilizing solid and fabricated paperwork.

It’s additional revealed that important transactions value 1000’s of crores of rupees have been routed by means of these mule accounts by means of varied banking channels and digital platforms, the FIRs alleged.

“These accounts have been subsequently used to route, layer and switch proceeds of cyber-crime and different illicit actions,” the company alleged.

The CBI mentioned the accused individuals made illicit acquire for themselves and corresponding “wrongful reputational loss” to the Punjab & Sind Financial institution.

“In addition to this, if the allegations of cash laundering are made out, the accused individuals have additionally uncovered the financial institution to the danger of penalties, thereby inserting the financial institution ready the place it’s more likely to endure monetary loss on account of such penalties as effectively,” the CBI FIRs alleged.