Bihar: ED files prosecution complaint against ex-SBI officer in Rs 7.96 crore laundering case
Patna, Oct 8 (IANS) The Directorate of Enforcement (ED), Patna Zonal Office, has filed a prosecution complaint before the Special Court (PMLA), Patna, against Priti Singh, a former Field Officer at the State Bank of India (SBI)’s Manpur branch in Gaya, in connection with an alleged Rs 7.96 crore money laundering case involving fraudulent overdraft facilities and manipulation of bank records.
The complaint was filed on September 30, 2026, under Sections 44 and 45 of the Prevention of Money Laundering Act (PMLA), 2002.
The ED has sought the prosecution and conviction of Singh for the alleged offence of money laundering under Section 3, punishable under Section 4 of the Act.
According to the ED, the investigation was initiated on the basis of an FIR registered by the Central Bureau of Investigation (CBI) and a subsequent chargesheet, numbered 15/2022, filed on December 30, 2022, against Singh.
The agency alleged that, while serving as a Field Officer at SBI’s Manpur branch, Singh fraudulently sanctioned and operated 68 overdraft (OD) accounts against term deposits, including TDRs and STDRs.
The ED alleged that the accounts were opened in Singh’s name and in the names of her relatives through the manipulation of bank records.
The agency further alleged that liens on fixed deposits were removed and that the same securities were reused to obtain multiple overdraft facilities.
According to the ED, the alleged transactions resulted in a wrongful loss of approximately Rs 7.96 crore.
The ED said its investigation established that proceeds of crime amounting to Rs 7,96,00,916 (Rs 7.96 crore), allegedly generated through the scheduled offences, were used by Singh for personal and family expenses.
The agency further alleged that part of the funds was used to create additional fixed deposits, which were subsequently used to obtain further overdraft or loan facilities.
According to the ED, the bank later recovered part of the amount from fixed deposits pledged against the overdraft accounts. In contrast, the remaining amount was repaid by Singh with financial assistance from family members and relatives.
The agency said the subsequent repayment did not alter its finding that the alleged proceeds of crime had been obtained, possessed and utilised by the accused before being repaid.
The ED said its investigation in the case had been completed and the prosecution complaint had been filed before the Special Court (PMLA), Patna.
The allegations contained in the prosecution complaint will be subject to judicial consideration and proceedings before the competent court.
–IANS
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