Chandigarh, September 29 (Daily Kiran) : The Enforcement Directorate (ED) has launched a significant operation in connection with a ₹645 crore scam involving IDFC First Bank. On September 29, 2026, the ED’s Chandigarh Zonal Office-2 conducted searches at 14 locations across Chandigarh, Mohali, and Panchkula.
This operation is part of a money laundering investigation related to the embezzlement of government funds amounting to ₹645 crore from the Haryana government, the Chandigarh Municipal Corporation, and other state accounts.
The investigation began under the Prevention of Money Laundering Act (PMLA) 2002, initiated based on a First Information Report (FIR) filed by the Haryana Police in February 2026. The FIR highlighted irregularities in the bank balances of IDFC First Bank and AU Small Finance Bank linked to the Haryana Department of Development and Panchayati Raj.
The recent raids targeted several prominent jewelers and their associated companies, including Malik Jewelers, KLG Jewelers, MB Gold Traders, Shyam Jewelers, and Sundar Jewelers. Additionally, locations linked to Gaurav Kansal were also searched, as he is accused of acting as a middleman for laundering illicit gains.
Investigations revealed that the misappropriated government funds were funneled through the bank accounts of these jewelers, disguised as legitimate business transactions. Allegations suggest that these transactions were orchestrated in collusion with the accused to obscure the origins of the criminal proceeds.
The probe further uncovered that these jewelers were involved in laundering money withdrawn from various departments of the Haryana government and the Chandigarh administration. It is alleged that the laundered funds reached IAS officers and other government employees implicated in the IDFC First Bank fraud.
In a related development, the Central Bureau of Investigation (CBI) has submitted a third charge sheet to the special court in Panchkula, naming six IAS officers from the Haryana cadre and other government employees in connection with the bank fraud case.
Previously, the ED arrested four individuals for their involvement in money laundering associated with this case. The agency has also attached, seized, and frozen assets worth approximately ₹211 crore during the investigation.
The ED has filed a prosecution complaint against 14 accused individuals in the special PMLA court in Panchkula. The latest search operation yielded additional evidence related to the laundering, concealing, and legitimizing of proceeds from crime through various companies and bank accounts. Investigators are currently examining the documents and materials seized during the raids, and further inquiries are ongoing.
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