The Directorate of Enforcement has conducted extensive raids at 12 locations across Chandigarh, Panchkula, Zirakpur, Dera Bassi, and Rajpura in relation to the Rs 145 crore Municipal Corporation Panchkula fraud case.
The operation, conducted under the Prevention of Money Laundering Act (PMLA), 2002, resulted in the seizure of incriminating documents, including sale-purchase agreements and evidence of money laundering.
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"The PMLA investigation done so far revealed that a closed criminal nexus of Municipal Corporation Official, Bank Officials and Private Persons hatched a conspiracy for siphoning of Government funds," the ED stated in a press release on Thursday.
ED had named Dileep Kumar Raghav (Customer Relationship Manager) and Pushpinder Singh (Deputy Vice President) of Kotak Mahindra Bank, alongside Vikas Kaushik, a former Senior Accounts Officer of MC Panchkula as the primary architects of the scam.
On March 24, The Haryana State Vigilance & Anti-Corruption Bureau (ACB) had filed an FIR at Panchkula in connection with the MC banking fraud involving the liquidation of the corporation's fixed deposits (FDs) in Kotak Mahindra Bank using forged documents and fictitious accounts. Pushpender, the alleged mastermind of the fraud, has been in ACB custody since April 9.
As per ED's findings, the funds of Panchkula's local body, available in genuine accounts were transferred to unauthorised accounts using forged and fake fund migration authorisation letters in the name of MC, Panchkula.
"Further, unauthorised email IDs were used by Bank Officials for seeking authorisation for transaction in response to fake and forged authorisation letters received in the name of MC, Panchkula. Whereas the authorised email IDs were different as reported by MC official in statements recorded under Section 50 of PMLA," ED highlighted.
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Finally, the funds that were illicitly transferred to unauthorised bank accounts opened under the name of MC, Panchkula by the criminal nexus were then utilised for further transfer to financers like Rajat Dahra, Swati Tomar, Kapil Kumar, Vinod Kumar.
These funds were routed back to Pushpinder Singh and his wife Preeti Thakur, ED noted.
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