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Business News/ News / India/  Punjab & Sind Bank employee steals over 52 crore from customers FDs to play online games
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Punjab & Sind Bank employee steals over ₹52 crore from customers FDs to play online games

Punjab & Sind Bank suspended Bedanshu Shekhar Mishra in November 2022 when the fraud came to light

The fraud occurred between 2021-22 and the case of ED is based on the FIR filed by the Central Bureau of Investigation (CBI)Premium
The fraud occurred between 2021-22 and the case of ED is based on the FIR filed by the Central Bureau of Investigation (CBI)

The Enforcement Directorate (ED) has attached the assets of former Punjab & Sind Bank official who allegedly broke customer FDs worth over 52 crore and used the money to play online games. The action of the federal agency came after a case was filed under provisions of the Prevention of Money Laundering Act (PMLA) against the bank official. ED said that they attached immovable property and fixed deposits worth 2.56 crore of the accused bank employee.

Punjab & Sind Bank suspended Bedanshu Shekhar Mishra in November 2022 when it came to light that during his tenure at the bank's branch at Khalsa College in Delhi University's north campus, he used his system ID and the ID of other staff members to unauthorizedly break the FDs (fixed deposits) of several customers.

The fraud occurred between 2021-22 and the case of ED is based on the FIR filed by the Central Bureau of Investigation (CBI).

Bedanshu Shekhar Mishra "reportedly misused his official position and carried out fraudulent transactions by using his system ID and those of other staff members to unauthorisedly break the FDs (fixed deposits) of several customers including those from Sri Guru Tegh Bahadur Khalsa College, Delhi University without their knowledge," the federal agency said in a statement.

He "committed fraud and forgery with the bank as well as with the account holders of the bank and misappropriated or siphoned public money to the tune of 52,99,53,698," the agency claimed.

Payments to online gaming companies

The accused employee primarily funneled the proceeds of the purported crime to online gaming companies by channeling them through diverse current accounts associated with various business entities, the ED said. 

Mishra directed the transfer of the funds to accounts borrowed by the owners of the gaming companies on a commission basis.

The Enforcement Directorate (ED) has issued a provisional order under the Prevention of Money Laundering Act (PMLA) to seize Mishra's immovable properties and fixed deposits totaling 2.56 crore, the agency said. 

(With inputs from PTI)

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Published: 21 Jan 2024, 04:22 PM IST
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