ED raids 12 locations in ₹145 crore municipal funds money laundering case
ED said these searches were carried out at 12 locations across Chandigarh, Panchkula, Zirakpur, Dera Bassi and Rajpura (Patiala), including premises associated with Dileep Kumar Raghav (customer relationship manager, Kotak Mahindra Bank), Pushpinder Singh (vice president, Kotak Mahindra Bank) and Vikas Kaushik (former senior account officer, MC, Panchkula).
Authorities said searches carried out under the Prevention of Money Laundering Act (PMLA) led to the seizure of buy-sell agreements and a large number of incriminating documents.
The ED case stems from an FIR registered by the Anti-Corruption Bureau (ACB) Panchkula, invoking provisions of the Bharatiya Nyaya Sanhita, 2023 and the Prevention of Corruption Act, 1988. The FIR alleges that unknown officials of Kotak Mahindra Bank conspired to grab municipal funds through a well-planned fraud.
