The Enforcement Directorate (ED) on Tuesday conducted searches at 14 premises across Chandigarh, Mohali and Panchkula as part of its money-laundering investigation into the alleged embezzlement of ₹ 645 crore public funds from bank accounts maintained with IDFC First Bank and AU Small Finance Bank.
The funds allegedly belonged to the Haryana government and Chandigarh municipal corporation. The agency did not disclose details of the recoveries made during the searches, till the filing of this report. The transactions were allegedly carried out in connivance with the accused to conceal the source of the funds and project the proceeds of crime as legitimate money. The ED has alleged that the proceeds generated through the bank accounts of various Haryana government departments and the UT administration were laundered through the jewellers. The agency has also alleged that part of the money reached accused IAS officers and other government employees allegedly involved in the IDFC First Bank fraud.
The embezzled funds were routed through the bank accounts of several jewellers and disguised as business transactions, according to the investigation.
