Web of Deceit: ED Uncovers Rs 145 Crore Fraud in Panchkula

The Enforcement Directorate (ED) launched a series of searches across multiple locations, delving into a Rs 145 crore fraud case related to the fixed deposits of Panchkula Municipal Corporation in Haryana. The actions stem from an FIR filed by the Haryana Vigilance and Anti-Corruption Bureau.

Raids conducted on Wednesday covered areas including Chandigarh, Panchkula, Zirakpur, Dera Bassi, and Rajpura. The ED, acting under the Prevention of Money Laundering Act, uncovered a criminal conspiracy involving municipal and bank officials, leading to the arrest of several individuals.

The investigation points to a meticulous scheme where unauthorized bank accounts were opened using forged documents, facilitating illegal fund transfers. The ED seized documents indicating the movement of these funds to private individuals and real estate firms, illustrating a complex money-laundering web.