PNB Official Accused of Embezzling Rs 5 Crore from Bhopal Firm

20 May 2024 CW Team

The Central Bureau of Investigation (CBI) has charged a Punjab National Bank (PNB) official with embezzling approximately Rs 4.98 crore from a Bhopal-based infrastructure construction company. The head cashier, Mukul Singh, allegedly conspired with a private individual, Vinod Kumar Singh, to commit the fraud.

The incident occurred at PNB?s Delhi Road Branch in Hapur, Uttar Pradesh. According to CBI officials, Mukul Singh, without proper authorization, merged the account of Dilip Buildcon Ltd with that of Vinod Kumar Singh?s company, Star Raze. Subsequently, funds amounting to Rs 4.98 crore were transferred to various accounts via internet banking, leading to a significant loss for PNB.

The fraudulent activity was uncovered through an analysis of bank system login details and CCTV footage, revealing that Mukul Singh facilitated the unauthorized transfers. Following the discovery, the CBI conducted searches at the premises of both accused individuals and registered an FIR.

This case highlights the vulnerabilities within banking systems and the need for stringent oversight to prevent such fraudulent activities. The ongoing investigation by the CBI aims to ensure accountability and recover the embezzled funds.

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