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The Enforcement Directorate has carried out searches across multiple locations in Haryana and Punjab in connection with a money laundering case involving an alleged INR 145 crore fraud linked to fixed deposits of the Panchkula Municipal Corporation. The case originates from an FIR filed by the Haryana Vigilance and Anti-Corruption Bureau, which flagged embezzlement of civic funds held at a Kotak Mahindra Bank branch. Investigations have revealed a suspected nexus between bank officials, municipal staff and private individuals, with forged documents, unauthorised accounts and fund diversion routes being used to siphon and circulate public money.
The Enforcement Directorate (ED) said it has conducted searches at multiple locations as part of a money laundering investigation linked to an alleged INR 145 crore fraud involving fixed deposits of the Panchkula Municipal Corporation held at a Kotak Mahindra Bank branch in Haryana. Advertisement
The search operations, carried out over the past week, covered around a dozen premises across Chandigarh and Panchkula, along with Zirakpur, Dera Bassi and Rajpura in Punjab. The action is part of an ongoing probe under the Prevention of Money Laundering Act (PMLA).
The case is based on a complaint registered in March by the Haryana Vigilance and Anti-Corruption Bureau (ACB), which had alleged embezzlement of municipal funds worth INR 145 crore. These funds were originally maintained as fixed deposits at the Sector-11 branch of Kotak Mahindra Bank in Panchkula.
Searches were conducted at premises linked to former bank officials, including deputy vice president Pushpender Singh and customer relationship manager Dileep Kumar Raghav, along with Vikas Kaushik, a former senior accounts officer of the municipal corporation, and others. The agency said it seized incriminating documents during the raids.
Earlier, the Haryana ACB had arrested Singh, Raghav and four other individuals in connection with the case.
According to the ED, initial findings suggest a criminal nexus between certain municipal corporation officials, bank employees and private individuals, who allegedly conspired to siphon off public funds. Investigators found that Raghav and Singh, with support from Kaushik, had opened two bank accounts in the name of the Panchkula Municipal Corporation using forged and fake authorisation documents.
Funds from legitimate municipal accounts were allegedly diverted to these unauthorised accounts using fabricated fund migration letters. The ED further stated that bank officials used unauthorised email IDs to process transaction approvals based on forged authorisation requests issued in the corporation’s name.
The diverted funds were then transferred to financiers, including Rajat Dahra, Swati Tomar, Kapil Kumar and Vinod Kumar. The agency alleged that a portion of the funds was routed back to Pushpender Singh and his wife Preeti Thakur, while some amounts were also directed towards real estate firms and other private individuals.
Investigators also found that the accused had issued forged fixed deposit receipts to the municipal corporation. These documents falsely showed investments in 16 fixed deposits worth INR 145.03 crore, with a projected maturity value of INR 158.02 crore.
The case highlights gaps in internal controls and verification processes in handling large public funds, especially where coordination between financial institutions and civic bodies is involved.
Source PTI
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