In a startling revelation, the Enforcement Directorate (ED) has attached immovable assets and fixed deposits worth Rs 2.56 crore belonging to Bedanshu Shekhar Mishra, a former officer of Punjab & Sind Bank. The move comes after Mishra was accused of orchestrating a massive fraud, breaking customer fixed deposits (FDs) totaling over Rs 52 crore, and diverting the funds to indulge in online gaming activities.
The case, filed under the Prevention of Money Laundering Act (PMLA), originated from a First Information Report (FIR) by the Central Bureau of Investigation (CBI), and the alleged fraudulent activities are said to have transpired between 2021-22. Mishra, who was stationed at the bank’s branch at Khalsa College in Delhi University’s north campus, faced suspension in November 2022 when the malpractice came to light.
According to the ED’s statement, Mishra reportedly abused his official position by using his system ID and those of other staff members to unauthorizedly break FDs belonging to several customers, including those associated with Sri Guru Tegh Bahadur Khalsa College, Delhi University. The funds misappropriated or siphoned off by Mishra amounted to a staggering Rs 52,99,53,698, as per the agency’s claims.
About Former Punjab & Sind Bank Officer:
What adds a peculiar twist to the case is Mishra’s alleged use of the misappropriated funds for online gaming activities. The ED disclosed that Mishra diverted the proceeds of the crime to engage in games such as Monopoly, Poker, and Teen Patti on various online gaming platforms like Goa247.live, Indibet.com, and betway.
Furthermore, the agency revealed that Mishra transferred the illicit funds to the gaming companies by routing them through different current accounts belonging to various business entities. These accounts, where the proceeds were deposited, were reportedly borrowed by the owners of the gaming websites on a commission basis.
To curb further misuse of the funds, the ED has issued a provisional order under the PMLA, attaching Mishra’s immovable properties and fixed deposits valued at Rs 2.56 crore. This action is aimed at preventing Mishra from disposing of these assets while the investigation unfolds.
The case highlights the significance of stringent financial regulations and the need for vigilant oversight within banking institutions. It serves as a stark reminder that individuals entrusted with financial responsibilities must adhere to ethical standards, and any deviation from these norms can lead to severe legal consequences. As the investigation progresses, the ED’s efforts to trace, seize, and attach assets underscore the commitment to uphold the integrity of the financial system and protect the interests of depositors.