CBI Books Punjab & Sind Bank Branch Head, 18 Others in ₹1,084 Crore Money Laundering Case

The Central Bureau of Investigation has registered a case against Punjab & Sind Bank branch head Vikas Wadhwa and 18 other individuals for allegedly facilitating money laundering operations worth ₹1,084.00 crore through fraudulent mule accounts. The case emerged following a preliminary enquiry that exposed systematic violations of banking norms and the creation of fictitious accounts used to launder proceeds from cybercrime and other illicit activities.

Fraudulent Account Operations

The investigation revealed that 13 mule accounts were opened in the names of non-existent companies using completely fabricated documentation. These accounts were established at Punjab & Sind Bank's Government Girls Senior Secondary School Branch in Sriganganagar, Rajasthan, under the supervision of branch head Vikas Wadhwa.

Investigation Details:	Findings
Total Transaction Amount:	₹1,084.00 crore
Number of Mule Accounts:	13 accounts
Branch Location:	Sriganganagar, Rajasthan
Primary Accused:	Vikas Wadhwa (Branch Head)
Total Accused:	19 individuals

Document Forgery and KYC Violations

The CBI's FIR alleges that several individuals systematically arranged forged and fabricated KYC documents, false rent agreements, and other supporting documentation to open the fraudulent accounts. Bank officials allegedly created fake site visit reports and business verification documents to facilitate the opening of current accounts in the names of fictitious firms.

The agency stated that all 13 firms in whose names the current accounts were opened were completely non-existent and created solely for the purpose of operating these mule accounts. The accused persons violated established KYC norms, due diligence requirements, and standard operating procedures through criminal conspiracy with unknown bank officials.

Money Laundering Operations

According to the CBI, these fraudulent accounts were subsequently used to route, layer, and transfer proceeds from cybercrime and other illicit activities. The investigation found that significant transactions worth thousands of crores were processed through these mule accounts using various banking channels and digital platforms.

Mule accounts are typically established using falsified identification documents and serve as conduits for moving or laundering illicit money. In this case, the accounts were used to conceal and layer funds generated from cybercrime and other illegal activities, with the total amount reaching ₹1,084.00 crore.

Impact on Punjab & Sind Bank

The CBI alleges that the accused persons, including branch head Wadhwa, made illicit gains for themselves while causing corresponding wrongful reputational loss to Punjab & Sind Bank. The agency noted that if money laundering allegations are established, the accused have also exposed the bank to significant penalty risks.

Bank Impact:	Details
Reputational Damage:	Wrongful loss due to fraudulent operations
Financial Risk:	Potential penalties for money laundering violations
Operational Impact:	Breach of KYC and compliance procedures

The investigation represents a significant case of banking fraud involving systematic violations of regulatory norms and highlights the risks financial institutions face when proper due diligence procedures are not followed.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.33%	+1.26%	+4.62%	-8.23%	-39.72%	+111.61%

Punjab & Sind Bank has scheduled an earnings conference call for January 20, 2026, to discuss its financial results for the third quarter of fiscal year 2026. The announcement, made through a regulatory filing under SEBI LODR Regulation 30, provides stakeholders with an opportunity to engage with the bank's senior management regarding its quarterly performance.

Board Meeting and Results Approval

The bank's board of directors is set to convene on January 17, 2026, to consider and approve the unaudited reviewed financial results for the quarter and nine months ended December 31, 2025. This board meeting serves as a precursor to the earnings call, where the approved results will be discussed in detail with analysts and investors.

Earnings Call Details

The virtual conference call is scheduled for Tuesday, January 20, 2026, commencing at 5:00 PM. Participants are advised to join the call by 4:45 PM to avoid any technical login issues.

Event Details:	Information
Date:	January 20, 2026 (Tuesday)
Time:	5:00 PM onwards
Platform:	WebEx Conference Call
Meeting Number:	2518 762 1657
Password:	Psb@1234

Management Participation

The earnings call will feature key members of Punjab & Sind Bank's senior management team, ensuring comprehensive coverage of the bank's financial performance and strategic initiatives.

Senior Management Representatives:

Shri Swarup Kumar Saha - Managing Director & Chief Executive Officer
Shri Ravi Mehra - Executive Director
Shri Rajeeva - Executive Director
Shri Arnab Goswamy - Chief Financial Officer

Access Information

The bank has provided multiple access options for participants, including a dedicated WebEx meeting link and various toll numbers across major Indian cities. Audio conference access is available through toll numbers in cities including Delhi, Mumbai, Chandigarh, Kolkata, Chennai, Bengaluru, Hyderabad, and other major metropolitan areas.

Participants are required to register in advance and join using their complete name and organization details. The bank has also provided contact information for queries, including email addresses for both Punjab & Sind Bank's compliance officer and Concept PR representatives.

Regulatory Compliance

This earnings call announcement demonstrates Punjab & Sind Bank's commitment to transparency and regulatory compliance. The notification was filed in accordance with Regulation 30 of SEBI (LODR) Regulations, 2015, ensuring all stakeholders receive timely information about the bank's financial disclosure schedule.