The Central Bureau of Investigation (CBI), Anti-Corruption Branch (ACB) in Jodhpur, has registered a massive fraud case involving the fraudulent operation of “mule accounts” to the tune of ₹1,084.00 crores. The case targets a former senior manager of Punjab & Sind Bank and 19 other private individuals and entities for their alleged involvement in a sophisticated cyber-fraud and money laundering network.
The First Information Report (FIR), registered on January 13, 2026, follows a detailed Preliminary Enquiry (PE) initiated in July 2025 into irregularities at the bank’s branch located in the Government Girls Senior Secondary School premises in Sriganganagar, Rajasthan.
The Modus Operandi: Fictitious Firms and Fake Verifications
The investigation revealed that between August 2024 and March 2025, thirteen (13) current bank accounts were opened in the names of fictitious and non-existent firms. These “mule accounts” were allegedly used to receive, layer, and route proceeds from cyber-fraud and other illicit activities.
Key findings of the CBI enquiry include:
- Forged Documentation: Private accused persons arranged fabricated KYC documents, false rent agreements, and other forged supporting papers to open the accounts.
- Official Connivance: Shri Vikas Wadhwa, the then Senior Manager and Branch Head, allegedly abused his official position to facilitate the fraud.
- Fake Site Visits: Bank officials are accused of creating fake site visit reports and business verifications for firms that did not exist.
- Scale of Transactions: A staggering ₹1,084.00 crores was routed through these thirteen accounts via various banking channels and digital platforms.
Key Accused and Entities Involved
The CBI has named a total of 20 primary accused in the FIR, including:
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- Shri Vikas Wadhwa: Former Branch Head, Punjab & Sind Bank, Sriganganagar.
- Private Facilitators: Shri Aditya Gupta (alias Vishal Gupta), Shri Praveen Arora, Shri Prem Kumar Sain, Shri Aatil Khan, and Ms. Roli .
- Fictitious Entities: The accounts were opened in the names of various shell companies, including M/s H. H. Rock Salt Supplier, Simplex Textiles Trading Pvt. Ltd., Yarid Texco Pvt. Ltd., Mohitohi Industries Pvt. Ltd., and Glossglow Pvt. Ltd., among others .
Legal Action and Ongoing Investigation
The CBI has registered the case under several sections of the Bhartiya Nyaya Sanhita (BNS), 2023 and the Prevention of Corruption Act, 1988:
- BNS Sections: 61(2) read with 318, 336, and 340 (Corresponding to IPC sections for Criminal Conspiracy, Cheating, and Forgery).
- PC Act Sections: 13(2) read with 13(1)(a) regarding criminal misconduct by a public servant.
The investigation is being led by Shri Ashok Kumar, Additional Superintendent of Police, CBI ACB, Jodhpur. The bank has already granted formal approval under Section 17A of the PC Act to investigate Wadhwa for his role in the scam.
Beyond the immediate fraud, the CBI noted that the accused have exposed the bank to significant reputational loss and the risk of severe financial penalties related to money laundering.
