The Enforcement Directorate (ED) is conducting searches at 19 premises across Chandigarh, Gurgaon and Mohali in connection with a major fraud at the Chandigarh branch of IDFC First Bank. The agency said that searches are being conducted to trace the money trail involving the alleged embezzlement of around Rs 590 crore from Haryana government bank accounts maintained in the bank.
According to ED, various government agencies of the Haryana government had deposited these funds in the bank for fixed deposits. However, instead of being placed in fixed deposits, the money was allegedly diverted for personal use.
The Probe agency noted that the searches are being carried out at premises linked to business entities connected with the accused former bank officials, beneficiaries of the scam and real estate agents where the money is suspected to have been invested. ED also said that the preliminary investigation has revealed that large sums were transferred to shell companies and small jewellery firms.
ED has also named a Chandigarh-based hotelier in the case, who has currently absconded after the scam came to light.
