Why Did the ED Attach Rs 1.03 Crore in Assets of Suspended Bank Officer?
Synopsis
The ED in Mumbai has provisionally attached assets worth Rs 1.03 crore belonging to suspended Bank of India officer Hitesh Kumar Singla, revealing a fraudulent scheme involving multiple customer accounts. The investigation, stemming from a CBI FIR, uncovers significant financial misconduct and highlights the ongoing efforts to combat financial crime in India.
Key Takeaways
ED provisionally attached Rs 1.03 crore in assets.
Hitesh Kumar Singla was a suspended officer of Bank of India .
Investigation revealed fraudulent account closures.
Targeted accounts included vulnerable customers.
Estimated misappropriation totals Rs 16.80 crore .
Mumbai, Feb 11 (NationPress) The Directorate of Enforcement (ED) in Mumbai has officially attached assets valued at around Rs 1.03 crore belonging to Hitesh Kumar Singla, a suspended officer from Bank of India, as part of a case under the Prevention of Money Laundering Act (PMLA), as stated by the agency on Wednesday.
This attachment encompasses bank balances in mule accounts that are purportedly connected to the misappropriation of illicit funds. The Provisional Attachment Order (PAO) was enacted on February 9.
The ED's investigation was prompted by an FIR lodged by the Central Bureau of Investigation (CBI), ACB Mumbai, against Singla and others, citing violations of Section 409 of the IPC, Section 316(5) of the Bharatiya Nyaya Sanhita (BNS), and Section 13(2) in conjunction with Section 13(1)(a) of the Prevention of Corruption Act, 1988.
Singla, who had been evading arrest, was apprehended by the ED on September 17 of the previous year at Ahmedabad Junction Railway Station. Following this, a prosecution complaint (charge sheet) was submitted to the special PMLA Court in Mumbai, which acknowledged the complaint on January 21. He is currently in judicial custody at Arthur Road Jail in Mumbai.
The investigation by the ED disclosed that between May 2023 and July 2025, Singla allegedly illicitly closed numerous customer accounts—including Term Deposits (TDs), Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), Savings Bank (SB), and Current Accounts (CAs)—without proper authorization.
The misappropriated funds were funneled into his personal savings accounts at the State Bank of India (SBI), according to the ED's statement.
Further inquiries revealed that Singla targeted nearly 230 customer accounts at the Bank of India, primarily from vulnerable groups such as senior citizens, minors, deceased account holders, and dormant accounts, seemingly to escape scrutiny.
The total funds misappropriated are estimated at approximately Rs 16.80 crore, with the ED noting that these funds were later channeled into stock market investments, real-money gaming platforms, cryptocurrency transactions, and personal expenses.
Investigations into this matter are ongoing.
Point of View
I emphasize the need for vigilance in the financial sector. The actions taken by the ED against Hitesh Kumar Singla reflect a commitment to uphold integrity in banking. This case underscores the importance of accountability and the ongoing battle against corruption, ensuring that the nation's trust in financial institutions is restored and maintained.
NationPress
21 Jun 2026
Frequently Asked Questions
What actions did the ED take against Hitesh Kumar Singla?
The ED provisionally attached assets worth Rs 1.03 crore belonging to Singla under the Prevention of Money Laundering Act.
Why was Hitesh Kumar Singla suspended?
Singla was suspended due to allegations of fraudulently closing multiple customer accounts without authorization.
What was the estimated total amount misappropriated?
The total amount allegedly siphoned off is estimated to be around Rs 16.80 crore.
What types of accounts were involved in the fraud?
The fraud involved various accounts, including Term Deposits, Public Provident Fund accounts, and Savings Bank accounts.
Is the investigation still ongoing?
Yes, further investigations into the matter are currently underway.
