Cheating to the tune of Rs 16 cr: Ex-bank officer in CBI custody month after his arrest by ED

“Looking at the gravity and complexity of the offense, the allegation that the accused is the mastermind, and the necessity to conduct custodial interrogation to trace the proceeds of crime and identify any accomplices, I find the request for Police Custody Remand necessary for a deep investigation,” special judge BY Phad said. The CBI has invoked charges, including relevant sections of the Prevention of Corruption Act.

Last month, the ED had arrested Singla, and claimed that he had targeted accounts of “vulnerable” account holders like senior citizens, minors and dead customers, the ED had told court. This was done in at least four different branches, with different IDs of several other staff members used. It is suspected that Singla invested Rs 8.27 crore in stock market and other transactions.

The alleged cheating came to light after a legal heir of a senior citizen customer of the bank sought information on the status of his bank accounts. However, the accounts were found to be closed. An inquiry showed that after the accounts were closed, the deposited money was first remitted to the office account of the branch and then a personal account held in the name of Singla in Punjab.