Former Bank of India Officer’s ₹16 Crore Fraud Exposed: Risky Trades, Crypto, and Gambling Devour the Money
Former Bank of India Officer’s ₹16 Crore Fraud Exposed: Risky Trades, Crypto, and Gambling Devour the Money
A 32-year-old former Bank of India officer, Hitesh Singla, has been arrested after orchestrating a ₹16.10 crore fraud that spanned over two years and multiple states. His arrest on a moving train in Gujarat brought an end to a months-long manhunt led by the CBI and ED.
Between May 2023 and July 2025, Singla allegedly siphoned funds by exploiting dormant accounts, prematurely closing fixed deposits, and targeting balances of senior citizens, minors, and deceased account holders. The stolen money was quietly funneled into his personal State Bank of India accounts through small transfers, keeping the scam hidden until he suddenly stopped reporting to work.
Internal audits flagged discrepancies, prompting the CBI to file an FIR in August, which unraveled the elaborate fraud. But instead of securing the stolen fortune, Singla gambled it away—blowing nearly ₹11.5 crore in risky derivatives trading, while the rest vanished into cryptocurrency bets, online gambling, and personal indulgences.
Investigators revealed that even ₹1.5 crore he handed to a Mumbai acquaintance for safekeeping disappeared, reportedly lost to gambling. What began as small wins soon spiraled into compulsive addiction. “He kept doubling down to recover his losses, but it only worsened,” said one investigator.
Currently in judicial custody, Singla is facing parallel probes by the CBI and Enforcement Directorate. Authorities admit the chances of recovering the embezzled funds are slim, as he comes from a modest background with no significant assets.
What started as a calculated scam ended in financial ruin—driven by greed, addiction, and reckless speculation.
