Panchkula: Investigators examining one of Haryana’s largest alleged banking frauds say the case has widened significantly, revealing a network of shell companies and hundreds of linked bank accounts suspected to have been used to divert public funds.
According to officials from the state’s Vigilance and Anti-Corruption Bureau (ACB), several shell entities were created — directly or indirectly — by the accused to move money through layers of financial transactions. The case, which investigators describe as a large-scale and multi-layered fraud, is now under deeper scrutiny as fresh financial and digital records continue to emerge.
The investigation has also brought multiple individuals into the spotlight, including private business operators, a bank official, and government personnel whose roles are now being examined by investigators.
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Investigators Trace Financial Trails Through Multiple Layers
Officials say the alleged fraud relied on a layered financial structure involving shell companies and numerous bank accounts. Earlier in the probe, investigators had identified a firm called Swastik Desh Project. However, the inquiry has since uncovered additional entities believed to be linked to the accused, including Swastik, Cap Co Fintech, and SRR Planning.
According to the ACB, several bank accounts belonging to these companies were identified in what investigators describe as the “first layer” of transactions. Beyond that, hundreds of additional accounts in a second layer are now under examination.
Authorities say these accounts were allegedly used to conduct fictitious transactions designed to route government funds into companies controlled directly or indirectly by the accused. Officials said each financial layer is being verified individually, with investigators scrutinizing transaction trails and account entries to determine how the funds were moved and eventually used.
Arrests and Custody as Inquiry Expands
As the investigation intensified, several individuals were taken into custody in connection with the case. Businessman Abhishek Singla and his sister Swati Singla, who are reported to hold 100 percent ownership in Swastik, were recently remanded to judicial custody after completing a seven-day police remand granted to the ACB.
Four other accused individuals were also taken into custody earlier and were scheduled to be produced before a Panchkula court after the completion of their remand period. They include:
- Ribhav Rishi, a former bank branch head
- Abhay Kumar, Swati Singla’s husband and a former relationship manager at IDFC First Bank’s Sector 32 branch in Chandigarh
- Naresh Kumar Bhuwani, a superintendent in the office of the Director, Development and Panchayat
- Manish Jindal, who investigators say handled financial transactions for certain Haryana administration officers
Authorities say the inquiry is examining the role of each accused in the alleged financial scheme.
Digital Evidence and Government Records Under Scrutiny
Investigators say the probe is ongoing and has expanded with the arrival of additional records. Officials said crucial leads surfaced during the custody of the accused, though the investigation remains incomplete. Recently obtained materials include bank statements, digital transaction records, and other financial documents that investigators say could help establish how the alleged fraud was carried out.
The ACB has also received records from nine Haryana government departments, which are currently being examined alongside financial data.
According to officials, call logs and email records associated with bank accounts involved in the investigation have been obtained in part, with the remaining records expected shortly. Investigators plan to confront the accused with mobile numbers and email accounts used for transaction alerts, debit confirmations, and bank statements.
Authorities said the accused had earlier given what investigators described as misleading or evasive responses during police remand and had not fully cooperated with the inquiry. Given the volume of financial records and electronic data involved, officials say further custodial interrogation may be required to establish the full sequence of events and trace the end use of the funds.
