Chandigarh Embezzlement Scandal: ED Cracks Down on 19 Locations

The Enforcement Directorate (ED) conducted raids in Haryana and Chandigarh, investigating alleged Rs 590 crore embezzlement from Haryana's government accounts. The funds, intended for bank deposits, were reportedly diverted for personal use. Shell companies and real estate investments were utilized to layer and siphon off the funds.

The Enforcement Directorate (ED) executed raids across 19 locations in Haryana and Chandigarh as part of an investigation into an alleged Rs 590 crore embezzlement scandal. Sources reported that the illicit activity involved misdirected government funds supposed to be deposited in bank Fixed Deposits.

According to insights, these funds were covertly redirected by the accused parties to personal accounts using accommodation entries from various business entities. The investigation spotlighted numerous shell companies and highlighted a complex web of transactions obscuring the money trail.

As the probe unfolded, the ED discovered the funds had been funneled into real estate ventures and luxury investments under the guise of gold purchases. Significant cash withdrawals were observed, notably linked to Chandigarh hotelier Vikram Wadhwa, who has since gone into hiding.

(With inputs from agencies.)