New Delhi, Mar 11 (UNI) The Enforcement Directorate (ED), Chandigarh Zonal Office, is conducting searches in connection with the recent fraud reported at the IDFC First Bank’s Chandigarh branch, officials said on Wednesday.
The ED said that searches are currently underway at 19 premises to trace the money trail and proceeds of crime in the case, wherein Rs 590 crore was allegedly embezzled from Haryana government bank accounts maintained at IDFC First Bank.
According to the ED, the funds amounting to Rs 590 crore were deposited by various government agencies of the Haryana government in IDFC First Bank. However, instead of being invested in fixed deposits, the funds were allegedly diverted by the accused persons for personal use.
Based on the investigation conducted so far, the searches are being carried out at various business entities that allegedly provided accommodation entries to the main accused persons, former bank officials, certain beneficiaries of the scam, and real estate agents where the proceeds of crime were dissipated.
The preliminary investigation revealed that large sums of money were transferred to various shell companies and small jewellery entities. The funds were routed through multiple shell companies, layered through large transactions, and eventually siphoned off under the guise of gold purchases and investments in the real estate sector.
“A significant amount of cash withdrawals has also been noticed in the said money trail. One of the Chandigarh-based hoteliers, Vikram Wadhwa, is also covered in this case, and is absconding after news of the scam came to light. He is also involved in the construction of real estate projects in the Tricity area,” the ED said.
