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ED raids 12 locations across Panckula, says unauthorised email IDs used by bank officials to obtain approvals

The revelation comes as the ED carried out searches at 12 premises across Panchkula and nearby areas in connection with the alleged Rs 145-crore civic fund fraud.

The revelation comes as the ED carried out searches at 12 premises across Panchkula and nearby areas in connection with the alleged Rs 145-crore civic fund fraud.The revelation comes as the ED carried out searches at 12 premises across Panchkula and nearby areas in connection with the alleged Rs 145-crore civic fund fraud. (Image generated using AI)

Probing the suspected money laundering into the alleged fraud involving funds of the Municipal Corporation (MC) Panchkula, the Enforcement Directorate (ED), Chandigarh, has found that unauthorised email IDs were used by bank officials to obtain approvals for transactions on the basis of fake and forged authorisation letters issued in the name of the civic body.

The revelation comes as the ED carried out searches at 12 premises across Panchkula and nearby areas in connection with the alleged Rs 145-crore civic fund fraud.

The raids, conducted across Chandigarh, Zirakpur, Dera Bassi and Rajpura, led to the seizure of sale-purchase agreements and other incriminating documents linked to suspected money laundering, officials said.

The ED initiated its probe based on an FIR registered by the Anti Corruption Bureau Panchkula against unknown officials of Kotak Mahindra Bank, alleging embezzlement of around Rs 145 crore from municipal funds through a well-planned conspiracy.

According to the agency, the investigation has revealed a “close nexus between bank officials, municipal staff and private individuals”.

As per ED officials — key accused, including Dileep Kumar Raghav (Customer Relationship Manager), and Pushpinder Singh (Deputy Vice President), both of Kotak Mahindra Bank, allegedly acted in collusion with former senior accounts officer of MC Panchkula — Vikas Kaushik to siphon off funds.

As per ED officials, the modus operandi involved opening bank accounts in the name of the municipal corporation using forged documents and diverting funds from genuine accounts into unauthorised ones through fake fund migration letters.

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Also, the agency said the use of unauthorised email IDs to seek transaction approvals helped lend legitimacy to forged communications, allowing large sums to be transferred without detection.

The siphoned funds were then routed through multiple accounts and transferred to various individuals and entities, including financiers and real estate firms. A portion of the money was allegedly routed back to the key accused and their associates.

“… the illegally transferred funds to unauthorised bank accounts opened in the name of MC, Panchkula by the criminal nexus was utilised for further transfer to financiers like Rajat Dahra, Swati Tomar, Kapil Kumar, Vinod Kumar. These funds were routed back to Pushpinder Singh and Preeti Thakur (wife of Pushpinder Singh). Such funds were also transferred to real estate fims and private persons. However, the records of MC Panchkula were unaware about such transactions happening from the genuine Accounts of MC Panchkula,” the ED said.

“MC Panchkula was given forged FDR documents showing an investment in 16 FDs amounting to Rs 145.03 crore (approximately) with a maturity value of Rs 158.02 crore in Kotak Mahindra Bank, Sector 11, Panchkula,” the agency added.

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As per ED, searches were conducted at premises linked to several accused — Pushpinder Singh, Rajat Dahra, Dileep Kumar Raghav, Vikas Kaushik, Sanat Realtors, Sunny Garg, Kapil Kumar, which resulted in seizure of incriminating evidence.

Jagpreet Singh Sandhu is a Senior Correspondent at The Indian Express, based in Chandigarh. He is a veteran reporter with over a decade of experience, specializing in legal, crime, and environmental reporting across the tri-city area (Chandigarh, Mohali, and Panchkula). Professional Background Core Beat: He primarily covers the Punjab and Haryana High Court, District Courts, CBI Courts, and Consumer Commissions. His legal reporting is known for breaking down complex judgments and tracking long-standing criminal cases. Environmental Reporting: Jagpreet has become a key voice in reporting on the deteriorating air quality and weather patterns in the Punjab-Haryana region. Crime & Technology: He frequently reports on cybercrime, digital arrest scams, and the intersection of technology and law enforcement, such as the development of citizen-centric policing apps. Recent Notable Articles (Late 2025) His late 2025 coverage has focused on significant judicial verdicts, major financial scams, and public health concerns: 1. Legal & CBI Court Verdicts "12 years on, CBI court acquits Haryana judge, parents in wife’s death case" (Dec 17, 2025): Detailed coverage of the acquittal of a judicial officer in a high-profile dowry death case from 2013. "‘Wicked & evil mind’: Court gives man 30-year term for kidnapping, sexually assaulting 8-year-old" (Dec 16, 2025): A report on a stern judgment from a Chandigarh district court in a POCSO case. "Man acquitted in rape case after victim found ‘very happy’ in wedding reception" (Dec 9, 2025): Covering a unique legal observation regarding consensual relationships and age verification. 2. Investigative & Scams "CBI registers FIR in Rs 1.14-cr Patient Welfare Grant scam at PGIMER" (Dec 19, 2025): An exposé on how funds meant for poor patients were siphoned off through forged documents and a photocopy shop inside the PGIMER campus. "Month-long torture, Rs 85 lakh transfers: How ‘Innocence Certificate’ led to a ‘digital arrest’ of an elderly couple" (Dec 12, 2025): Detailing a sophisticated cyber fraud targeting senior citizens in Chandigarh. 3. Environment & Public Safety "Panchkula air turns ‘very poor’, fourth worst in country" (Dec 22, 2025): Reporting on the sudden spike in pollution levels in Panchkula compared to neighbouring cities. "Soon, you can snap that overspeeding car, and report to Chandigarh Police" (Dec 16, 2025): Breaking news on a new mobile application being developed to allow citizens to report traffic violations via geo-tagged photos. 4. Gangster Culture & Crime "City Beautiful in the crosshairs of gangsters" (Dec 14, 2025): A feature analysis of how Chandigarh has increasingly become a staging ground for extortion and rivalries between gangster modules. "Shooters wanted for Parry murder held by Delhi Police Special Cell" (Dec 18, 2025): Following the developments in a high-profile murder case in Chandigarh’s Sector 26. Signature Style Jagpreet is recognized for his tenacious follow-up on cold cases and his ability to report on courtroom drama with a focus on victim rights. His work often highlights administrative lapses, whether in the handling of patient welfare funds or the enforcement of environmental standards. ... Read More

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