According to official sources, the misappropriated amount, currently estimated at ₹53 crore, was routed into illegal online gaming platforms.
The investigation, triggered by initial inputs received on May 30, has led to the identification of fraudulent activity involving the premature breaking of fixed deposits.
Officials allege that the accused, in collusion with certain bank employees, withdrew FD funds and diverted them for speculative online betting.
A bank officer posted at Punjab & Sind Bank, Bedanshu Shekhar Mishra, has emerged as a key suspect in the case. ED sources claim that Mishra misused his official position to fraudulently liquidate 46 fixed deposits, including those held by educational institutions. His role is currently under detailed scrutiny.
In connection with the case, the ED conducted search operations across multiple locations in Bengaluru linked to the online gaming network. During these raids, the agency seized approximately ₹38 lakh in cash, 49 debit cards connected to mule accounts, and several digital devices. Officials noted that the search operations are ongoing and further seizures are likely.
The ED has also ordered the freezing of several bank accounts to prevent further transactions. Investigators believe the scale of the fraud may increase as more details emerge.
The case has now widened to cover the operations of multiple unregistered online gaming portals.
Further investigation is in progress.
(Edited by : Anshul)
First Published: May 30, 2025 10:48 AM IST
