The Directorate of Enforcement (ED) has carried out searches at 14 premises across Chandigarh, Mohali and Panchkula as part of its money laundering investigation into an alleged Rs 645-crore embezzlement from bank accounts linked to the Haryana government, the Chandigarh Municipal Corporation (MC) and other government accounts.
The case centres on money that was allegedly taken out of accounts maintained with IDFC First Bank and AU Small Finance Bank. The ED's Chandigarh Zonal Office-II is handling the operation.
Why the ED Opened the IDFC First Bank Fraud Probe
The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA), 2002. The agency acted on the basis of an FIR registered by the Haryana Police concerning discrepancies in the balances of bank accounts of the Development and Panchayat Department, Haryana.
Those accounts were maintained with IDFC First Bank and AU Small Finance Bank. The FIR flagged mismatches in the balances, which then led the ED to open a money laundering angle into where the money may have gone.
What the 14 Searches Covered
The searches covered various jewellers and their associated entities, including Malik Je... The wide spread of locations across three cities — Chandigarh, Mohali and Panchkula — shows the agency is looking at a network of people and businesses rather than a single account holder.
- 14 premises searched in total
- Locations spread across Chandigarh, Mohali and Panchkula
- Jewellers and their associated entities among those covered
- Investigation covers alleged embezzlement from Haryana government, Chandigarh MC and other government accounts
To put it plainly, the ED's job here is to trace the money trail — where the Rs 645 crore went, who moved it, and whether it was laundered through businesses like jewellery firms. Searches are the first step in that process, not the final finding.
Our Take: Why This Rs 645-Crore Case Matters
In our view, the most serious part of this story is not the size of the amount alone. It is the fact that the money allegedly came out of accounts tied to the Haryana government, the Chandigarh Municipal Corporation and other government accounts. That is public money, and any gap in it directly affects taxpayers.
The ED's move to search jewellers and their linked entities suggests investigators suspect the funds were routed into high-value assets. That is a common pattern in money laundering cases, and it is exactly what the PMLA was built to catch.
What readers should watch next is whether these searches lead to arrests, attachment of properties, or a chargesheet. Searches alone do not prove guilt. Everyone named or covered in the probe is entitled to the presumption of innocence until the investigation concludes.
But the scale here — Rs 645 crore, 14 locations, three cities, two banks — tells you this is not a small accounting error. It is a case that deserves close public attention, because the money involved was meant for government work, not private pockets.
