US EditionPanchkula MC Funds Siphoned Off: ED Searches 12 Sites in Chandigarh, Punjab in ₹145-Cr Fraud Case
Officials said forged letters and unauthorized email IDs helped divert municipal funds through fake accounts and multiple transfers to financiers and real estate firms.
- The Enforcement Directorate raided 12 premises across Chandigarh, Panchkula, Zirakpur, Dera Bassi, and Rajpura, seizing documents linked to an alleged Rs 145-crore civic fund fraud involving Kotak Mahindra Bank.
- Following an FIR by the Anti Corruption Bureau Panchkula, investigators allege bank officials embezzled funds by creating unauthorized accounts and using forged email IDs to gain transaction approvals for fund transfers.
- Investigations revealed a "close nexus between bank officials, municipal staff and private individuals," with Kotak Mahindra Bank's Dileep Kumar Raghav and Pushpinder Singh colluding with former MC officer Vikas Kaushik.
- Siphoned money flowed to financiers Rajat Dahra, Swati Tomar, Kapil Kumar, and Vinod Kumar, with portions also transferred to real estate firms including Sanat Realtors and Sunny Garg, and to Preeti Thakur.
- Municipal Corporation records remained unaware of these unauthorized transactions, as the criminal nexus effectively masked the diversion of funds from the civic body's genuine accounts, exposing gaps in internal oversight.
13 Articles
13 Articles
Panchkula MC funds siphoned off: ED searches 12 sites in Chandigarh, Punjab in ₹145-cr fraud case
During the action, taken up on April 22 under the Prevention of Money Laundering Act (PMLA), 2002, officials seized sale-purchase agreements and several incriminating documents related to alleged money laundering
ED raids 12 locations in Kotak Mahindra Bank–MC Panchkula municipal fraud case
The ED initiated its probe based on an FIR registered by the Anti-Corruption Bureau (ACB), Panchkula, under provisions of the Bharatiya Nyaya Sanhita, 2023 and the Prevention of Corruption Act, 1988, against unknown bank officials. The FIR alleged embezzlement of around Rs 145 crore belonging to Municipal Corporation Panchkula through a well-organised criminal conspiracy.
Times of India
The Economic TimesED raids 12 locations in ₹145 crore municipal funds money laundering case
The Enforcement Directorate has executed a series of raids across various locations in relation to a staggering ₹145 crore money laundering investigation. This case involves allegations of fund embezzlement from the Municipal Corporation, Panchkula. The raids targeted properties tied to former municipal accounts officials and banking personnel, resulting in the confiscation of crucial documents and legal agreements.
Municipal fund fraud: ED raids 12 locations in Punjab, Haryana in Rs 145 crore 'fixed deposit scam'
FIR lodged in March by the Haryana Vigilance and Anti-Corruption Bureau (ACB), which alleged that municipal fixed deposits worth Rs 145 crore, held at a Kotak Mahindra Bank branch in Sector-11, Panchkula, had been fraudulently siphoned off.
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