New Delhi: The Enforcement Directorate conducted searches at 19 locations Wednesday in connection with the alleged embezzlement of Rs 590 crore from the Haryana government’s accounts maintained with IDFC First Bank in Chandigarh, sources said.
The agency conducted searches in Haryana and Chandigarh against various business entities that helped the accused persons get accommodation entries to conceal the money trail and proceeds of crime, they said.
The funds were supposed to be deposited by various government departments of the state in the bank, but instead of being deposited in the FDs, these were allegedly diverted by the various accused persons for their personal purposes, the sources said.
In its investigation, the ED conducted searches on various business entities which have given accommodation entries to the main accused persons, ex-bank officials, certain beneficiaries of the alleged scam and real estate agents where the proceeds of crime have been dissipated, they said.
The primary probe showed that huge funds have been transferred to the various shell companies and minor jewellery entities routed through various shell companies and layered through huge transactions, and finally siphoned off under the guise of gold purchase and investment into the real estate sector, the sources said.
A significant amount of cash withdrawals has also been noticed in the said money trail with the name of Chandigarh-based hotelier Vikram Wadhwa, involved in the construction of real estate projects in the Tricity, who has absconded after the news about the alleged scam came to light, they said.