Enforcement Directorate Conducts Searches in Delhi, Mumbai, and Bengaluru in Money Laundering Probe

Strategic Insights -

The Enforcement Directorate (ED) has conducted search operations at seven locations in Delhi, Mumbai, and Bengaluru in connection with a money laundering probe linked to alleged bank fraud and online gaming platforms. The searches were carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing investigation against Bedanshu Shekhar Mishra, a former Punjab & Sind Bank officer. During the searches, officials seized Rs 39 lakh in cash, multiple digital devices, mobile phones, SIM cards, and other incriminating materials allegedly used for online gaming-related activities. The agency also froze Rs 1.5 crore held in 48 mule accounts reportedly used by the gaming platform to channel illicit funds.

Key Takeaways:

  • The ED conducted search operations at seven locations across Delhi, Mumbai, and Bengaluru in connection with a money laundering probe linked to alleged bank fraud and online gaming platforms.
  • The searches were carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing investigation against Bedanshu Shekhar Mishra, a former Punjab & Sind Bank officer.
  • During the searches, officials seized Rs 39 lakh in cash, multiple digital devices, mobile phones, SIM cards, and other incriminating materials allegedly used for online gaming-related activities.
  • The agency also froze Rs 1.5 crore held in 48 mule accounts reportedly used by the gaming platform to channel illicit funds.
  • Mishra is accused of fraudulently liquidating 46 fixed deposit accounts, including those belonging to institutions such as Sri Guru Tegh Bahadur (SGTB) Khalsa College.
  • Mishra allegedly committed fraud and forgery amounting to Rs 52.99 crore and cheated both the bank and several account holders.
  • Mishra spent misappropriated funds on online games like Monopoly, Poker, Teen Patti, and others played on various platforms, including Goa247.live, Indibet.com, and betway.

Statistics:

  • Rs 39 lakh in cash was seized during the searches.
  • Rs 1.5 crore held in 48 mule accounts was frozen by the agency.
  • Rs 52.99 crore was allegedly committed in fraud and forgery by Mishra.
  • 46 fixed deposit accounts were fraudulently liquidated by Mishra.
  • Rs 24 crore was allegedly transferred to online gaming platforms by Mishra.

Sources:

  • Indian National Press (Bombay) Pvt. Ltd.
  • Contify.com
  • Prevention of Money Laundering Act (PMLA), 2002
  • Enforcement Directorate (ED)