ED attaches assets of Punjab and Sind Bank employee for stealing Rs 52 crore from customer’s FDs

An employee of Punjab and Sind Bank has had assets frozen by the Enforcement Directorate (ED) for allegedly breaking customer Fixed Deposits (FDs) worth over ₹52 crore and using the money to play online games.

Based on the First Investigation Report (FIR) filed by the CBI against Bedanshu Shekhar Mishra and others regarding bank fraud and money laundering, the ED started an investigation.

The federal agency took action after the bank official was accused of the case under the Prevention of Money Laundering Act (PMLA). According to the ED, they have seized fixed deposits and real estate valued at ₹2.56 crore from the bank employee in question.

The findings of the ED investigation indicate that Bedanshu Shekhar Mishra, the primary accused, misused his official position and engaged in fraudulent transactions while serving as an officer in the Punjab and Sind Bank branch office at Khalsa College, North Campus, Delhi University in 2021 and 2022. He broke several customers’ fixed deposits (FDs), including those of SGTB Khalsa College of Delhi University, without the customers’ knowledge, and committed fraud and forgery with the bank and account holders. Additionally, he stole public money totaling ₹52,99,53,698.

On November 16, 2023, the bank suspended the accused, Bedanshu Shekhar Mishra, following the discovery of the fraud.

The ED investigation also showed that Bedanshu Shekhar Mishra had been using the money he stole from the bank account holders’ FDs to play games online on sites like Goa247.live, Indibet.com, and Betway, including monopoly, poker, and teen patti.

Further investigations are underway.