Mumbai: A suspended Bank of India officer, Hitesh Singla, 32, was arrested last week on a moving train in Gujarat for allegedly siphoning ₹16.10 crore from vulnerable customer accounts and losing nearly all of it in stock market trading, crypto, and online gambling, officials said.
The fraud came to light when Singla stopped reporting to work, prompting internal audits that revealed discrepancies in accounts. Bank of India alerted the Central Bureau of Investigation (CBI), which filed an FIR in early August, triggering a nationwide manhunt.
Investigators said Singla manipulated internal banking systems from May 2023 to July 2025 to divert funds from fixed deposits, PPFs, senior citizen schemes, and dormant accounts into his personal accounts at the State Bank of India. He targeted vulnerable customers, including senior citizens, minors, the deceased, and infrequent account holders.
Instead of saving the money, Singla reportedly invested close to 90% in high-risk speculative futures and options trading, cryptocurrency, and online betting platforms. “There is virtually no proceeds of crime left. The accused lost heavily in speculative trading and online gambling. The remainder was spent on personal expenses,” an Enforcement Directorate (ED) official said.
Singla even gambled away ₹1.5 crore temporarily held with a friend in Mumbai. Officials described his actions as a classic case of financial addiction: early gains encouraged bigger bets, leading to escalating losses and deeper financial ruin. Investigators confirmed over ₹11.5 crore was lost in stock market futures and options.
CBI and ED are conducting parallel investigations and attempting to identify any recoverable assets, though early indications suggest Singla has no significant properties or investments.
The officer remains in judicial custody as authorities continue probing the full extent of the fraud. (Agencies)
