Crime
Fake Accounts, Forged FDs Alleged in Panchkula Municipal Scam
Enforcement Directorate has conducted searches in connection with a money laundering case linked to the alleged Panchkula Municipal Corporation-Kotak Mahindra Bank fraud involving around ₹145 crore.
In a statement, the agency said raids were carried out at 12 premises across Chandigarh, Panchkula, Zirakpur, Dera Bassi, and Rajpura in Patiala district on Wednesday. Officials said the searches led to the seizure of sale-purchase agreements and various incriminating documents linked to the alleged offence of money laundering.
The ED said the probe was launched on the basis of an FIR registered by the Anti-Corruption Bureau Panchkula under relevant sections of the Bharatiya Nyaya Sanhita, 2023 and the Prevention of Corruption Act, 1988.
According to investigators, the case involves the alleged embezzlement of Municipal Corporation Panchkula funds through a well-organised criminal conspiracy involving bank officials, municipal officials and private persons.
The agency claimed that fake and forged authorisation documents were used to open unauthorised bank accounts in the name of the civic body, and funds from genuine accounts were diverted into these accounts.
Officials further alleged that the siphoned funds were routed through various entities and individuals before being transferred to private persons and real estate firms. Forged fixed deposit receipts were also allegedly issued to the Municipal Corporation, showing investments of more than ₹145 crore.
The investigation is continuing to trace the money trail and identify all those involved.