India, Jan. 30 -- The Enforcement Directorate (ED)'s money-laundering probe related to a suspended Bank of India (BOI) officer found that he had allegedly misused loopholes in the banking system and breached the trust of colleagues by dishonestly using their user IDs. The officer, Harish Singla, is accused of siphoning off Rs.16.10 crore from 127 customer accounts and squandering most of the misappropriated funds.

The ED's and bank's internal preliminary investigation found that the accused had closed various accounts related to term deposits, public provident funds, senior citizen savings schemes, and savings and current deposits without any authorisation and credited the amounts in them to two of his office's accounts at the Turner Roa...