New Delhi, April 24
The Enforcement Directorate on Thursday conducted searches at multiple locations in connection with a money laundering case linked to an alleged Rs 145 crore fraud involving fixed deposits of the Panchkula Municipal Corporation kept at a Kotak Mahindra Bank branch in Haryana.
According to officials, the searches carried out on Wednesday covered around a dozen premises in Chandigarh and Panchkula, as well as locations in Zirakpur, Dera Bassi and Rajpura in Punjab. The case has been registered under the Prevention of Money Laundering Act based on an FIR filed in March by the Haryana Vigilance and anti-corruption Bureau over alleged fraud of municipal funds maintained at a bank branch in Sector 11, Panchkula.
The agency conducted searches at premises linked to former bank deputy vice president Pushpender Singh, former customer relationship manager Dileep Kumar Raghav, former municipal corporation senior accounts officer Vikas Kaushik and others. Officials said “incriminating” documents were recovered during the operation. Singh, Raghav and four others had earlier been arrested by the state agency in connection with the case.
The Enforcement Directorate said its investigation has pointed to a suspected criminal nexus involving municipal officials, bank staff and private individuals who allegedly conspired to siphon off government funds. Preliminary findings indicate that unauthorized bank accounts were opened in the municipal corporation’s name using forged authorization documents.
Funds from legitimate accounts were allegedly diverted to these unauthorized accounts using fabricated fund transfer authorizations. The agency said bank officials also used unauthorized email IDs to process transactions based on forged requests issued in the corporation’s name.
Investigators said the diverted funds were later routed through various individuals, including financiers and private entities, before being returned to the key accused and their associates. A portion of the money was also allegedly invested in real estate.
The agency further alleged that forged fixed deposit receipts were issued to the municipal corporation, showing investments in 16 deposits worth over Rs 145 crore with a projected maturity value of more than Rs 158 crore. The investigation is ongoing, and further action is expected as the agency examines financial trails and the role of those involved.
