The Enforcement Directorate (ED) seized sale purchase agreements and incriminating documents during raids at 12 locations in Chandigarh, Panchkula, Zirakpur, Dera Bassi, and Rajpura related to the Kotak Mahindra bank-cum-Municipal Corporation Panchkula Fraud Case. These searches were conducted under the Prevention of Money Laundering Act (PMLA), 2002, resulting in the discovery of evidence linked to money laundering activities. The investigation stemmed from an FIR filed by ACB, Panchkula, Haryana, against unidentified officials of Kotak Mahindra Bank.
The FIR exposed a scheme where Municipal Corporation, Panchkula’s funds amounting to Rs 145 crore were misappropriated through a well-organized criminal conspiracy involving bank officials. The ED’s probe unveiled a nexus between Municipal Corporation officials, bank personnel, and private individuals aimed at diverting government funds. Notably, the investigation indicated that certain bank officials facilitated the illegal transfer of funds from genuine accounts of Municipal Corporation, Panchkula, to unauthorized accounts through forged documents.
The ED’s preliminary investigation highlighted the involvement of individuals like Dileep Kumar Raghav, Pushpinder Singh, and Vikas Kaushik in orchestrating the fraudulent scheme. Funds siphoned off from Municipal Corporation accounts were further channeled to various financiers and entities, including real estate firms and private individuals. The searches conducted on April 22, 2028, at specific premises led to the seizure of additional incriminating evidence related to the case.
