ED Searches 14 Tricity Premises, ₹4.30 Crore Cash Seized and ₹22 Crore Frozen
The Enforcement Directorate has intensified its investigation into the alleged ₹645-crore IDFC First Bank-AU Small Finance Bank scam, with its latest searches focusing on jewellers and their associated entities in Chandigarh, Mohali and Panchkula.According to the ED, jewellers and related entities allegedly received around ₹95.81 crore through intermediary shell entities linked to the accused in the case. The agency conducted searches at 14 premises across the Tricity on September 29. During the operation, ₹4.30 crore in cash was seized, while bank balances of around ₹22 crore were frozen. Digital devices and documents considered relevant to the investigation were also seized.The investigation relates to alleged diversion of public funds belonging to the Haryana government and the Chandigarh Administration. The ED case originated from an FIR registered by the Haryana State Vigilance and Anti-Corruption Bureau in February 2026 over alleged discrepancies in accounts maintained with IDFC First Bank and AU Small Finance Bank.
The ED has alleged that Malik Jewellers received around ₹58 crore, KLG Group about ₹26 crore, M.B. Gold Traders ₹5 crore, Sham Jewellers ₹3.66 crore and Sunder Jewellers ₹3.15 crore from intermediary shell entities.The agency has alleged that the money was layered through different accounts and transactions and that jewellers were used as part of the alleged process of converting or routing the proceeds of crime. These allegations remain subject to investigation and judicial proceedings.
The case has also widened to government officials. A CBI chargesheet has reportedly named six Haryana-cadre IAS officers in connection with the bank fraud case. Earlier, the ED had arrested four accused persons and taken action against assets valued at approximately ₹211 crore.The investigation into the alleged money trail and other beneficiaries is continuing.
