CBI books former Punjab & Sind Bank branch heads in ₹1,621 crore mule account scam

Key Highlights

• The agency has booked former chief manager and head of the main branch, Aman Anand, and that of the Government Girls Senior Secondary School branch, Vikas Wadhwa, besides several other entities in the case, including the companies and individuals who facilitated the opening.
• The agency found that several individuals arranged forged and fabricated KYC documents, false rent agreements, and other fabricated supporting documents used for opening these accounts.
• "The said accounts were allegedly opened with the connivance and criminal conspiracy of unknown bank officials, violating KYC norms, due diligence requirements and standard operating procedures," the agency has alleged in the FIRs.
• A mule account — set up using falsified identification documents — is primarily used to move or launder illicit money, with or without the knowledge of the individuals whose details have been used to open the account.
• "Fake site visit reports and business verification were created by the bank officials to facilitate opening of these current accounts in the names of fictitious firms," the agency FIRs alleged.