Chandigarh: The Enforcement Directorate (ED) has taken major action in the alleged IDFC First Bank fraud and money laundering case by provisionally attaching movable and immovable assets worth ₹200.84 crore. The agency has also filed a prosecution complaint (chargesheet) before a Special PMLA Court against 14 accused individuals and entities. According to the ED, nearly ₹645 crore of government funds belonging to various government departments and private schools was allegedly siphoned off through forged documents, routed through shell companies and multiple bank accounts, and subsequently laundered.
According to the investigation, the alleged fraud was carried out through a well-organised network involving bank officials, real estate businessmen, jewellers, shell company operators, middlemen, and certain government employees. The ED alleges that the network created forged Fixed Deposit Receipts (FDRs), RTGS and NEFT request forms, bank records, and other financial documents to facilitate the illegal transfer of government funds into multiple bank accounts.
The agency further alleges that instead of transferring the money directly to the ultimate beneficiaries, the funds were routed through several shell companies and bank accounts to conceal the true nature of the transactions. Investigators claim that the laundered money was later invested in real estate projects, commercial ventures, and other assets. The ED is continuing a detailed forensic examination of the fund trail and related financial transactions.
The prosecution complaint filed before the Special PMLA Court names Ribhav Rishi, Vikram Wadhwa, Abhay Kumar, Naresh Kumar alias Naresh Bhuvani, Capco Fintech Services, RS Traders, SRR Planning Guruj Private Limited, Swastik Desh Projects, Swati Singla, Abhishek Singla, Divya Arora, Manoj Kumar Sharma, M/s Maa Vaibhav Lakshmi Interiors, and Ankur Sharma, among other entities. According to the ED, these individuals and organisations allegedly played roles at different stages of the movement of funds, financial transactions, and the laundering of the alleged proceeds of crime.
The ED stated that Ribhav Rishi, Abhay Kumar, Vikram Wadhwa, and Naresh Kumar alias Naresh Bhuvani have already been arrested in connection with the case. During interrogation, investigators reportedly obtained crucial information regarding the alleged modus operandi, the movement of funds, the use of shell companies, and payments made through intermediaries. The agency is now analysing these statements along with digital and documentary evidence to uncover the complete money laundering network.
The scope of the investigation has also been expanded to examine the possible involvement of public servants and other individuals linked to the alleged fraud. The ED is attempting to determine who may have assisted in preparing forged documents, facilitating the transfer of funds, or helping convert the allegedly diverted money into seemingly legitimate investments. Financial records, banking documents, digital evidence, and transactions across multiple accounts are currently under detailed scrutiny.
In a related development, the Central Bureau of Investigation (CBI), which is also probing the alleged bank fraud, conducted search operations on Saturday at the official residence of a senior IAS officer in Sector 6, Panchkula. The officer was reportedly not present at the residence during the search. CBI officials remained at the premises from the morning until around 8 p.m., examining documents and other records. The searches have drawn significant attention within administrative circles.
Both the ED and the CBI are continuing their respective investigations into the case. The agencies have stated that the financial network, the alleged money laundering trail, and the roles of all individuals and entities involved are being thoroughly examined, and further legal action will be taken based on the evidence that emerges during the course of the investigation.
