Mumbai: Former Bank of India (BoI) officer Hitesh Kumar Singla, booked for siphoning around Rs16 crore from the accounts of bank customers, suffered a heavy loss in his investments and squandered most of the funds, the special court has said while taking cognisance of the prosecution complaint filed by the Enforcement Directorate (ED) against him.
Singla was arrested in September last year for allegedly siphoning funds from as many as 127 accounts. These accounts were held either by senior citizens, minors, deceased customers, or were inoperative or dormant. The agency filed a prosecution complaint, accusing Singla of laundering funds to the tune of Rs 16.10 crore from May 2023 to July 2025.
The agency claimed that funds to the tune of Rs 12.70 crore were invested in the stock market, and Singla spent Rs 8.07 crore in Real Money Games, investing another Rs 3.94 crore in cryptocurrency. Besides, it was revealed that he also invested the profits just to add layers to the trail of funds. However, referring to the findings from ED’s probe, the court noted that Singla faced heavy losses in all these investments and squandered most of the funds.
“The accused misused the loopholes in the banking system and breached the trust of his fellow staff members by dishonestly using their user IDs and defrauded funds by transferring the amount of the customers to his personal accounts,” the court observed while taking cognisance of the prosecution complaint filed by the ED.
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