It involved government officials from where the funds originated, bank officials who were custodians of the deposited funds, and external facilitators, private entities who routed the siphoned-off money into real estate investments. These bank officials allegedly bypassed safeguards that would normally prevent unauthorised withdrawals or transfers. Story continues below this adStep 5: Diverting funds into layered accountsOnce FDs were liquidated, funds were transferred into multiple intermediary accounts. These accounts belonged to shell entities, associates of bank officials and private entities, and businesses controlled by intermediaries. That is why investigators found overlapping accused and identical transaction patterns across IDFC First Bank accounts, Smart City funds, CREST deposits, and Panchkula Municipal Corporation FDs.

Source: Indian Express April 05, 2026 15:45 UTC