A suspended Bank of India (BOI) officer is accused of siphoning ₹16.10 crore from vulnerable customer accounts and gambling nearly every rupee on share market wagers, cryptocurrency transactions, and internet gaming.
Who Is the Accused?
The man at the centre of the case, Hitesh Singla (32), was arrested in a moving train in Gujarat after a dramatic multi-state hunt last week. He is now in judicial custody.
How the Fraud Came to Light
The fraud surfaced when Singla abruptly stopped reporting to work. Subsequent internal audits flagged discrepancies across multiple accounts, prompting BOI to alert the Central Bureau of Investigation (CBI).
The CBI filed an FIR in early August 2025, triggering a nationwide search that culminated in his arrest.
Modus Operandi: May 2023 to July 2025
According to the Enforcement Directorate (ED), Singla systematically exploited internal banking systems between
May 2023 and July 2025 to prematurely settle and divert funds from:
- Fixed Deposits (FDs)
- Public Provident Fund (PPF) accounts
- Senior citizen savings schemes
- Dormant and low-activity accounts
He deliberately targeted account holders who were unlikely to notice withdrawals—including
senior citizens, minors, the deceased, and customers who seldom
checked balances.
How the Money Was Moved
The ED alleges that funds from the closed or liquidated accounts were rerouted to Singla’s personal accounts at State Bank of India (SBI). Transfers were broken into
smaller instalments to mask the scale of the fraud, allowing it to continue undetected for months.
Where the Money Went: Markets, Crypto, Gaming
Investigators say Singla did not hoard the money. Instead, he wagered close to
90% of the siphoned funds on futures & options (F&O) trading,
risky crypto tokens, and online gambling websites.
“There is virtually no proceeds of crime (POC) left. The accused lost heavily in speculative futures and options, online
gaming-betting and crypto. The remaining was spent on personal expenses,” an ED official said.
Even an estimated ₹1.5 crore that Singla had reportedly parked temporarily with a
friend in Mumbai was no longer traceable at the time of the raid. Authorities say the funds had been
withdrawn and gambled away before they reached the premises—so “the money had disappeared.”
“Addiction Spiral”: Bigger Bets, Deeper Losses
Officials describe a classic pattern of gambling addiction: early wins encouraged larger bets;
mounting losses were pursued with even larger, riskier wagers in a bid to “recover,” which only deepened the hole.
Of the total, more than ₹11.5 crore was reportedly lost in stock market F&O trades—with the rest wiped out across crypto trading and online betting platforms.
Recovery Prospects Look Grim
The ED is working to identify any recoverable assets. Early indications suggest Singla comes from a
modest background with no substantial properties or investments that could offset the losses. This significantly reduces chances of restitution for the affected accounts.
Parallel Investigations Continue
Both the CBI and the ED are conducting parallel investigations into the
fraud—tracking the money trail, reconstructing transactions, and examining the internal control failures that enabled the scheme.
Timeline at a Glance
- May 2023 – July 2025: Alleged period of systematic siphoning via internal system manipulation.
- Early Aug 2025: CBI FIR registered after BOI’s alert; nationwide manhunt launched.
- Late Sept 2025: Singla arrested on a moving train in Gujarat; placed in judicial custody.
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