The Enforcement Directorate has arrested Hitesh Kumar Singla, a suspended Bank of India staff officer, after he allegedly misappropriated ₹16.10 crore from 127 bank accounts. The money was moved into his personal accounts along with help from an associate, and the fraud spanned over two years before investigators caught up with him.
How the Fraud Was Carried Out
Between May 2023 and July 2025, Singla is accused of closing various accounts—Term Deposits, Public Provident Funds, Senior Citizen Savings Scheme accounts, Savings and Current Accounts—without any authorization. Many of the victims were among the most vulnerable: senior citizens, minors, account holders who had passed away, or people with dormant or inoperative accounts. The money from those closed accounts was transferred in smaller, layered transactions to his personal account maintained with another bank to avoid detection.
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Investigators revealed that Singla picked accounts that were least likely to draw scrutiny, allowing the scheme to go on without raising suspicions. The accomplice who helped him reportedly received around ₹1.5 crore. After discovery of the fraud, Singla was suspended by the bank.
Arrest and Legal Action
Singla was arrested at Ahmedabad Junction Railway Station while travelling on the Mahamana Express. ED teams had been tracking him and were tipped off about his travel. He attempted to evade arrest by moving between different coaches and changing seats. Once arrested, he was produced before a special court under the Prevention of Money Laundering Act, which granted ED custody.
An FIR had already been registered by the CBI’s Anti-Corruption Branch against him under sections including criminal breach of trust and misconduct. The ED filed additional money-laundering charges. Searches have been conducted at premises linked to Singla and his associate to trace the flow of funds and recover assets.
Why This Case Matters
This case highlights how bank insiders can exploit system loopholes and target accounts that may not be closely monitored. It underscores the need for stronger checks over account closures, better oversight, and protection for senior and vulnerable customers. It also shows the role of coordinated investigations across agencies to track internal fraud and hold officials accountable.
