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Copyright © International Chamber of Commerce (ICC). All rights reserved. ( Source of the document: ICC Digital Library )
India's Enforcement Directorate (ED) has unearthed records of high-end properties belonging to three officials of Punjab's public works department and allegedly purchased with money siphoned from state funds.
The three officials are accused of forging letters of credit (L/Cs) and bills for unauthorised works and using these fake documents to obtain money from departmental funds.
Family involvementThe officials - an executive engineer, a junior engineer and a retired superintendent - allegedly bought properties and gold worth over US$3 million.
These assets were purchased between 2011 and 2014 and the properties were registered in the names of nine relatives.
Some of the relatives are expected to face charges for assisting money laundering operations.
Other chargesThe officials also face charges related to the purchase of vehicles with state funds.
One of the accused faces charges related to financial irregularities in the tendering process for the construction of a judicial complex in the state.
This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.