ED attaches assets of bank employee who misused customer FDs to play online games

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Former Punjab & Sind Bank official, Bedanshu Shekhar Mishra, finds himself entangled in a web of financial misconduct as the Enforcement Directorate (ED) takes decisive action against him. The federal agency has clamped down on Mishra, attaching assets worth ₹2.56 crore, following allegations that he recklessly siphoned off over ₹52 crore from customer fixed deposits to fuel his online gaming pursuits.

The ED’s intervention comes in the wake of a case filed under the provisions of the Prevention of Money Laundering Act (PMLA) against Mishra, who was suspended by Punjab & Sind Bank in November 2022. Revelations about Mishra’s criminal activities surfaced when it was discovered that, during his tenure at the bank’s branch at Khalsa College in Delhi University’s north campus, he exploited his system ID along with those of fellow staff members to illicitly break fixed deposits of numerous customers.

The fraudulent activities transpired between 2021-22, prompting the Central Bureau of Investigation (CBI) to file an FIR, upon which the ED based its subsequent actions.

As reported by Mint, Mishra abused his official position, engaging in fraudulent transactions by utilizing his system ID and the IDs of other staff members to illegitimately break fixed deposits of unsuspecting customers, including those from Sri Guru Tegh Bahadur Khalsa College, Delhi University. The federal agency asserts that Mishra committed fraud and forgery against both the bank and its account holders, misappropriating a staggering ₹52,99,53,698 of public money.

Mishra utilized the gains from criminal activities to engage in online games like Monopoly, Poker, Teen Patti, etc., on various gaming platforms such as Goa247.live, Indibet.com, and betway.

A significant portion of the illegal gains was directed towards online gaming companies, as Mishra skillfully funneled the proceeds through diverse current accounts associated with various business entities. The ED highlights that Mishra orchestrated the transfer of funds to accounts controlled by the owners of gaming companies, all on a commission basis.

In response to the financial misconduct, the Enforcement Directorate has issued a provisional order under the Prevention of Money Laundering Act (PMLA) to seize Mishra’s immovable properties and fixed deposits, totaling ₹2.56 crore. As the investigation unfolds, the gaming community is left stunned by the audacity of Mishra’s actions and the far-reaching consequences of his illicit activities.