The Directorate of Enforcement (ED), Chandigarh Zonal Workplace, performed searches underneath the Prevention of Cash Laundering Act (PMLA), 2002 on April 22, 2026, throughout 12 premises in Chandigarh, Panchkula, Zirakpur, Dera Bassi and Rajpura (Patiala) in reference to the Kotak Mahindra Financial institution–Municipal Company Panchkula fraud case. The raids led to the seizure of sale-purchase agreements and varied incriminating paperwork linked to cash laundering.

The ED initiated its probe based mostly on an FIR registered by the Anti-Corruption Bureau (ACB), Panchkula, underneath provisions of the Bharatiya Nyaya Sanhita, 2023 and the Prevention of Corruption Act, 1988, towards unknown financial institution officers. The FIR alleged embezzlement of round Rs 145 crore belonging to Municipal Company Panchkula by a well-organised prison conspiracy.

Investigations up to now point out a nexus involving municipal officers, financial institution staff and personal people who allegedly siphoned off authorities funds. Based on the ED, Dileep Kumar Raghav, Buyer Relationship Supervisor, and Pushpinder Singh, Deputy Vice President at Kotak Mahindra Financial institution, together with Vikas Kaushik, former Senior Accounts Officer of the civic physique, allegedly opened two unauthorised financial institution accounts utilizing cast paperwork within the identify of MC Panchkula.

Funds from real municipal accounts have been allegedly diverted to those pretend accounts utilizing cast authorisation letters and unauthorised e mail IDs. The siphoned cash was additional routed by varied people and entities, together with financers and actual property corporations, earlier than being channelled again to key accused individuals and associates. The company additionally discovered that cast mounted deposit receipts value about Rs 145 crore have been issued to the civic physique to hide the fraud.

Searches have been performed at premises linked to Pushpinder Singh, Rajat Dahra, Dileep Kumar Raghav, Vikas Kaushik and others, resulting in additional restoration of incriminating proof.

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