The Enforcement Directorate has arrested two former IDFC First Bank employees in connection with a money laundering investigation linked to a large-scale embezzlement case. Prosecutors allege the duo helped siphon around Rs 590 crore from Haryana government funds, using ghost companies to route and erase the money, with the total case value placed at about Rs 645 crore.
The Supreme Court set aside an employee’s dismissal and recovery order in a Rs 2 lakh alleged embezzlement case, ruling the employer’s inquiry was invalid because it was conducted without any witnesses. The court allowed the employer to hold a fresh inquiry within six months, giving the employee a major win despite the allegations.
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The Enforcement Directorate carried out raids at 12 locations tied to a ₹145 crore money laundering probe involving alleged embezzlement from the Municipal Corporation, Panchkula. The ED focused on properties linked to former municipal accounts officials and banking personnel, seizing documents and legal agreements that could support the case.
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