ED raids 12 locations in ₹145 crore municipal funds money laundering case

Mumbai: The Enforcement Directorate (ED) on Wednesday conducted searches in connection with the alleged ₹145 crore money laundering case linked to alleged embezzlement of funds from the Municipal Corporation, Panchkula, the agency said on Thursday.

These searches were conducted at 12 locations across Chandigarh, Panchkula, Zirakpur, Dera Bassi and Rajpura (Patiala), including the premises linked to Dileep Kumar Raghav (customer relationship manager, Kotak Mahindra Bank), Pushpinder Singh (deputy vice president, Kotak Mahindra Bank) and Vikas Kaushik (Ex-senior accounts officer, MC, Panchkula), the ED said.

The searches, which were carried under the Prevention of Money Laundering Act (PMLA), led to the seizure of sale-purchase agreements and several incriminating documents, officials said.


The ED case stems from an FIR registered by the Anti-Corruption Bureau (ACB), Panchkula, which invoked 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 siphon off municipal funds in a well-planned fraud.