The Enforcement Directorate (ED) on Friday said that it conducted searches at 19 locations a day ago in connection with the fraud case involving the IDFC First Bank and froze more than 90 bank accounts.
The ED also said that they seized incriminating material in the form of digital as well as documentary evidence.
The raids followed the registration of a case by the agency under the Prevention of Money Laundering Act (PMLA) taking cognisance of a Haryana State Vigilance and Anti-Corruption Bureau FIR.
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The searches were conducted by the Chandigarh Zonal Office across Chandigarh, Mohali, Panchkula, Gurgaon and Bangalore in connection with an IDFC First Bank-linked money laundering case where Rs 590 crore of Haryana government funds are alleged to have been siphoned off.
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According to the probe agency, the search operations covered former bank employees, namely, Ribhav Rishi and Abhay Kumar, their family members, and beneficiary shell entities, namely M/s. Swastik Desh Projects, M/s. Capco Fintech Services and M/s. Maa Vaibhav Laxmi Interiors, M/s. SRR Planning Gurus Private Limited, jewellers namely Sawan Jewellers and real estate developers like Vikram Wadhwa and his business entities.
It was found that the accused embezzled public money by routing and layering funds across multiple shell entities, the ED said in a statement.
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Most of the funds have been channelled through the bank accounts of jewellers to create an illusion of gold purchase through bogus billing, it said.
It identified a shell company involved in the case as Swastik Desh Projects Pvt Ltd, whose partners are Swati Singla and Abhishek Singla.
The scam was perpetrated over the last year with assistance from former employees of the bank, including Ribhav Rishi, it said. The "proceeds of crime" were "dissipated" to the account of Rishi and his wife Divya Arora, as per the agency.
So far, 11 accused have been arrested so far, including six bank employees and four private individuals.
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