Chandigarh: The ED seized sale purchase agreements and various incriminating documents during raids at 12 premises located in Chandigarh, Panchkula, Zirakpur, Dera Bassi and Rajpura (Patiala) in connection with Kotak Mahinda bank-cum-Municipal Corporation Panchkula Fraud Case, an official said on Thursday.
The Directorate of Enforcement (ED), Chandigarh Zonal Office, conducted the searches under the Prevention of Money Laundering Act (PMLA), 2002, on Wednesday, said the official in a statement.
The searches resulted in seizure of sale purchase agreements and various incriminating documents and evidence related to the offence of money laundering, said the statement.
The ED-initiated investigation in this case is based on an FIR registered by ACB, Panchkula, Haryana, under various Sections of the Bhartiya Nyaya Sanhita. 2023 and the Prevention of Corruption Act, 1988, against unknown officers/officials of the Kotak Mahindra Bank, the ED said.
The FIR reveals the embezzlement of Municipal Corporation, Panchkula’s Rs 145 crore by a deep-rooted and well-organised criminal conspiracy by unknown bank officials.
The PMLA investigation done so far revealed that a closed criminal nexus of Municipal Corporation officials, Bank officials, and Private Persons hatched a conspiracy for siphoning of government funds.
The ED said a prima facie investigation revealed that. Dileep Kumar Raghav (Customer Relationship Manager, Kotak Mahindra Bank), along with Pushpinder Singh (Deputy Vice President, Kotak Mahindra Bank), in support of Vikas Kaushik (Ex Senior Accounts Officer, MC, Panchkula), opened two Bank Accounts through forged and fake authorisation documents in the name of Municipal Corporation, Panchkula.
The funds of Municipal Corporation, Panchkula, available in genuine Accounts were transferred to unauthorised Accounts using forged and unauthorised fund migration authorisation letters in the name of Municipal Corporation, Panchkula, the ED said.
Further, unauthorised email IDs were used by Bank Officials for seeking authorisation for transactions in response to fake and forged authorisation letters received in the name of MC, Panchkula, the ED said.
Whereas the authorised email IDs were different as reported by the MC official in statements recorded under Section 50 of PMLA, it said.
Further, the illegally transferred funds to unauthorised Bank Accounts opened in the name of MC, Panchkula, by the criminal nexus were utilised for further transfer to financiers like Rajat Dahra, Swati Tomar, Kapil Kumar, Vinod Kumar, it said.
These funds were routed back to Pushpinder Singh and Preeti Thakur (wife of Pushpinder Singh). Such funds were also transferred to real estate firms and private persons, it said
However, the records of MC Panchkula were unaware of such transactions happening from the genuine Accounts of MC Panchkula. MC Panchkula was given forged FDR documents showing an investment in 16 FDs amounting to Rs 145.03 Crore (approx.) with a maturity value of Rs 158.02 Crore (approximately) in Kotak Mahindra Bank, Sector-11, Panchkula, it said.
Therefore, searches were conducted under PMLA, 2002 on April 22, 2028, on the premises of Pushpinder Singh, Rajat Dahra, Dileep Kumar Raghav, Vikas Kaushik Sanat Realtors, Sunny Garg, Kapil Kumar, which resulted in seizure of incriminating evidence, it said.
(IANS)
