ED Probes ₹53 Crore Fixed Deposit Fraud Involving Delhi Institutions, Funds Diverted to Online Gaming

The Enforcement Directorate (ED) has launched an investigation into a ₹53 crore financial fraud involving the misuse of fixed deposit (FD) funds from 46 institutions in Delhi. The affected institutions include well-known educational bodies like Delhi University and SGTB Khalsa College.

According to officials, the funds were illegally withdrawn and funneled into online gaming and betting platforms. The scam reportedly involved the premature breaking of FDs, done in collusion with some bank staff.

A key suspect in the case is Bedanshu Shekhar Mishra, a bank officer at Punjab & Sind Bank. He is accused of using his position to break and withdraw 46 FDs, many of them belonging to colleges and universities. The ED is closely examining his role in the fraud.

The investigation began on May 30 after the ED received inputs about suspicious transactions. So far, search operations have been carried out in Bengaluru at locations linked to the online gaming network.

During the raids, the ED seized ₹38 lakh in cash, 49 debit cards connected to mule bank accounts, and several digital devices. The agency has also frozen multiple bank accounts to prevent further misuse of funds.

Officials believe the scam may involve more money and more people than currently known. The probe has now expanded to include several unregistered online gaming portals that were allegedly used to launder the stolen money.

The ED has said that the investigation is still ongoing and more details are expected to come to light soon.