India’s Geneva Mission Rs 2 crore crypto fraud: What we know so far
New Delhi: The Central Bureau of Investigation (CBI) has launched a high-profile probe into the embezzlement of over 200,000 Swiss francs (approximately $235,000 or Rs 2 crore) at India’s Permanent Mission in Geneva.
The investigation centres on a former accounts officer who allegedly exploited the Mission's payment systems to fund personal crypto-gambling ventures.
Here is what we know so far about the case:
The Alleged Perpetrator and Role
The suspect, identified as Mohit, joined the Permanent Mission in Geneva on Dec. 17, 2024, as an assistant section officer. His primary responsibility involved the physical handling of payment instructions to the Union Bank of Switzerland (UBS), where the Mission maintains accounts in both U.S. dollars and Swiss francs (CHF).
Crucially, Mohit was granted account-viewing rights, a privilege he shared with the Head of Chancery, Amit Kumar.
The Mechanics of the Fraud
Officials say the fraud targeted the Mission’s Swiss franc account. Payments to local Swiss vendors are typically processed using pre-printed QR codes containing the vendor’s bank and invoice details.
According to investigators, Mohit manipulated a standard administrative practice:
- The Swap: It was common to group multiple vendor QR codes under a single bank payment instruction slip signed by senior officials. Mohit allegedly replaced legitimate vendor QR codes with self-generated codes.
- The Diversion: These fraudulent codes redirected funds into Mohit’s personal UBS account instead of the intended vendors.
- The Cover-up: To evade detection, Mohit allegedly doctored monthly bank statements, replacing his own name with those of the vendors. These falsified documents were then used during routine financial reconciliations.
How the Scam Was Uncovered
The scheme collapsed when auditors noticed duplicate payments to a local travel agency, Ejey Travels. The subsequent deep-dive audit revealed a total discrepancy of approximately 200,000 CHF.
When confronted by Mission authorities, Mohit reportedly provided a written confession, admitting he siphoned the funds to bankroll crypto-gambling.
Repatriation and Legal Action
Mohit was immediately repatriated to India with his family. Before his departure, he reportedly made several credits back into the Mission’s account, totalling roughly 50,000 CHF, including a payment intended to cover the Ejey Travels discrepancy.
The CBI has officially booked Mohit on charges including:
- Criminal breach of trust
- Forgery and falsification of accounts
- Violations of the Prevention of Corruption Act
A Growing Pattern of Public Fund Diversion
This incident is the latest in a string of cases where Indian public officials have allegedly embezzled state funds to fuel online trading or gambling habits.
Recent CBI actions include the arrest of a senior manager at the Airports Authority of India (AAI) for the alleged embezzlement of Rs 232 crore, and a Bank of India officer accused of diverting Rs 16 crore from 127 accounts for similar crypto and trading activities.
WIth inputs from PTI