Chandigarh: The Enforcement Directorate has searched 14 locations linked to jewellers and associated entities in Chandigarh, Mohali and Panchkula as part of a money laundering investigation into alleged embezzlement of public funds. The agency said the searches resulted in the seizure of ₹4.30 crore in cash and the attachment of bank balances worth around ₹22 crore. According to the ED, allegedly diverted funds were routed through jewellers’ bank accounts and related entities and subsequently presented as legitimate business transactions. The allegations remain under investigation.
Rs 645 crore case sees ED raids on jewellers, Rs 4.3 crore cash seized
The Enforcement Directorate has carried out searches at 14 locations in Chandigarh, Mohali and Panchkula as part of its money laundering probe into the alleged embezzlement of public funds.
The Rs 645 crore case has prompted fresh searches by the Enforcement Directorate, which has recovered Rs 4.30 crore in cash and attached bank balances worth around Rs 22 crore.
The agency said searches were conducted at 14 locations linked to various jewellers and their associated entities in Chandigarh, Mohali and Panchkula on Friday.
The ED said the action was part of its money laundering probe into the alleged embezzlement of public funds of the Haryana government, Chandigarh Municipal Corporation and other government accounts.
ED examines alleged fund movement through jewellers
The agency has claimed that the public funds that were embezzled were routed and layered through bank accounts of different jewellers and their related entities.
The ED alleged that the transactions were later shown as legitimate business transactions to hide the source and movement of funds.
The agency said the searches resulted in the seizure of a range of documents and digital evidence relevant to its ongoing investigation.
The latest searches are a continuation of earlier operations conducted as part of the same money laundering probe into the alleged diversion of government funds.
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Investigation continues into alleged public-fund embezzlement
The Enforcement Directorate is looking into the financial transactions of jewellers and related entities to ascertain how the alleged money was moved and layered.
It has not been disclosed by the agency whether the latest searches will bring the investigation to an end, and the seized material is expected to be further analysed.
The allegations are still under investigation, and there are pending judicial proceedings. Sprouts News will keep differentiating between allegations by investigating agencies and facts as established by legal proceedings.
