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The Enforcement Directorate (ED) on Wednesday conducted searches at 19 premises in Chandigarh, Haryana and Punjab in relation to the recent fraud that happened at IDFC First Bank, Chandigarh branch, officials said.
The raids were conducted at locations in Chandigarh, Gurugram in Haryana and Mohali in Punjab. The searches are underway to unearth the money trail and proceeds of crime, wherein approximately 590 crores have been embezzled from the Haryana government bank accounts maintained in IDFC First Bank. ED's Chandigarh zonal office is conducting the search operation. Officials said the fund of Rs 590 crore was deposited by the various government agencies of the Haryana government in IDFC First Bank. "These funds, instead of being deposited in the Fixed Deposits, were alleged to be diverted by the various accused persons for their personal purposes." Based on the investigation conducted in this case, officials said, the searches are being conducted in the various business entities which have given accommodation entries to the main accused persons, ex-bank officials, certain beneficiaries of the scam and real estate agents, where the proceeds of crime have been dissipated. "Primary investigation revealed that huge funds have been transferred to the various shell companies and minor jewellery entities. The funds have been routed through various shell companies and layered through huge transactions and finally siphoned off under the guise of Gold purchase and investment into the real estate sector," the officials said. Significant amount of cash withdrawals has also been noticed in the money trial. Officials said one of the Chandigarh based hotelier Vikram Wadhwa is also covered in this case who is absconding after the news about the scam came to limelight. He is also involved in construction of real estate projects in the Tricity. (ANI)
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