IDFC First Bank fraud case : Primary investigation revealed that huge funds have been transferred to the various shell companies and minor jewellery entities
The Enforcement Directorate on Wednesday was conducting searches at 19 premises in Chandigarh in relation to the recent IDFC First Bank fraud case that happened at IDFC First Bank’s Chandigarh branch. The search is underway to unearth the money trail and proceeds of crime, wherein approximately Rs 590 crores have been embezzled from the Haryana government bank accounts maintained in the Bank.
The said fund of Rs 590 crore was deposited by the various government agencies of the Haryana government in IDFC First Bank. These funds, instead of being deposited in the Fixed Deposits, were alleged diverted by the various accused persons for their personal purposes
Based on the investigation conducted in this case the searches are being conducted in the various business entities which have given accommodation entries to the main accused persons, ex bank officials, certain beneficiaries of the scam and real estate agents where the proceeds of crime have been dissipated.
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Primary investigation revealed that huge funds have been transferred to the various shell companies and minor jewellery entities. The funds have been routed through various shell companies and layered through huge transactions and finally siphoned off under the guise of Gold purchase and investment into real estate sector.
Significant amount of cash withdrawals have also been noticed in the said money trial. One of the Chandigarh based hotelier Vikram Wadhwa, who is currently abscoding has also been connected to the scam. He is also involved in construction of real estate projects in the Tricity.
Private sector IDFC First Bank last month had disclosed a Rs 590-crore fraud committed by certain employees and others at a particular branch in Chandigarh in a specific set of Haryana state government accounts. IDFC First Bank had said that the fraud is “confined to a specific group of government-linked accounts within the Haryana government” operated through the said branch in Chandigarh”, and stressed that it does not extend to other customers of the Chandigarh branch.
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