Chandigarh, June 1 (SocialNews.XYZ) The ED on Monday arrested Pushpinder Singh, the ex-deputy vice president and mastermind of the Rs 145 crore Kotak Mahindra Bank fraud involving the Municipal Corporation, Panchkula, an official said.
The Directorate of Enforcement (ED), Chandigarh Zonal Unit, arrested Singh under Sec 19(1) of the Prevention of Money Laundering Act, 2002, the official said.
A Special Judge (PMLA), Panchkula, sent Singh to the ED's custody till June 9, said the ED.
The federal probe agency launched an investigation in the case primarily based on an FIR registered by ACB, Panchkula, Haryana, under various Sections of the Bhartiya Nyaya Sanhita, 2023, and the PC Act, 1988, against unknown officers/officials of the Kotak Mahindra Bank, said an ED statement.
The FIR revealed that the Municipal Corporation, Panchkula, lost Rs 145 crore to a deep-rooted, well-organised criminal conspiracy involving unknown bank officials, the ED said.
The PMLA investigation so far has revealed that a criminal nexus of Municipal Corporation officials, Bank Officials, and Private Persons hatched a conspiracy to siphon Government funds, the ED said.
Prima facie investigation revealed that Dileep Kumar Raghav (Customer Relationship Manager, Kotak Mahindra Bank), along with Pushpinder Singh (Deputy Vice President, Kotak Mahindra Bank), in support of Vikas Kaushik (Ex Senior Accounts Officer, Municipal Corporation, Panchkula), opened two Bank Accounts through forged and fake authorisation documents in the name of Municipal Corporation, Panchkula, it said.
The funds of the civic agency available in genuine accounts were transferred to unauthorised and illegal Accounts using forged and fake fund migration authorisation letters in the name of Municipal Corporation, Panchkula, said an ED statement.
The illegally transferred funds to unauthorised Bank Accounts opened in the name of MC, Panchkula, by the criminal nexus were utilised for further transfer to financiers like Rajat Dahra, Swati Tomar, Kapil Kumar, and Vinod Kumar, the ED said.
Investigation has revealed that these financers were working under the control and direction of Pushpinder Singh. The bank accounts of Rajat Dahra and Swati Tomar, which were used to syphon funds from the Municipal Corporation, Panchkula, were also under the control of Pushpinder Singh, the ED said.
Further, these funds illegally received by financers from fake bank accounts maintained in the name of MC, Panchkula, were routed back to Pushpinder Singh and Preeti Thakur (wife of Pushpinder Singh), it said.
Such funds were also transferred to real estate firms and other private persons on the directions of Pushpinder Singh, it said.
Source: IANS
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