Mumbai, October 19, 2026: A special court has refused to grant bail to former Bank of India (BoI) officer Hitesh Kumar Singla, who has been booked for allegedly siphoning around Rs 16 crore from 127 customer accounts at the bank.
Singla's lawyer had claimed that although he had siphoned off the funds, he had not used them. The defence contended that whether he had used the proceeds was a matter for trial, but he should be granted bail since the investigation was over.
Court Cites Transfers To Gaming Accounts
The special court did not accept the defence and observed that, "He transferred approximately Rs. 1.42 Crores out of proceeds of crime to the account of his fiancee and fellow bank clerk for utilising the funds in gaming applications and to by pass deposit limits imposed by such apps."
The court also noted that he had misrepresented to his fiancee that the funds were from legitimate sources and were intended for his father's treatment. In reality, he had used the money on gaming platforms, the court noted.
The special court, while refusing to grant him bail, said, "the accused misused logins of other bank employees and put them at the risk of criminal prosecution. He defrauded 127 bank customers which is a large number. He siphoned huge amounts from the banking system and diverted funds his personal accounts."
ED Alleges Systematic Misappropriation
The prosecuting agency claimed that Singla misused his position to identify highly vulnerable customer accounts, targeting those of deceased customers, minors and senior citizens, as well as dormant accounts. He allegedly systematically exploited technical loopholes in the "Finacle" core banking software.
Singla allegedly deceitfully obtained and misused the login credentials and biometric approvals of the branch manager and other staff members to simulate the required dual-authorisation process, the agency had alleged.
It was further claimed that, through manipulation, he closed fixed deposit (FD) accounts as well as Public Provident Fund (PPF) accounts and transferred the amounts to his accounts. He is accused of having misappropriated funds worth Rs 16.10 crore belonging to 127 customers by transferring them to his account.
ED prosecutor Arvind Aghav, while opposing his plea, contended that the accused had voluntarily confessed to the details and admitted to defrauding customers and transferring funds to his personal accounts. The prosecution also relied on his statements, digital footprints retrieved from his mobile phone data, bank records and bank statements.
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Court Rejects Defence Argument
The court also accepted the prosecution's contentions and said, "Proceeds of Crime might have been found in his bank accounts, but he did not use it. First of all the prosecution story prima facie shows otherwise. It is the case that he utilised those funds personally in gaming platforms and otherwise."
"Even if it is assumed that accused did not utilise such funds, it will not serve his purpose," the court said.
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