The Enforcement Directorate (ED) has filed its first prosecution complaint under the Prevention of Money Laundering Act (PMLA) in the alleged ₹593 crore bank fraud and money laundering case involving IDFC First Bank and AU Small Finance Bank. The complaint names 14 individuals and business entities as accused, while assets worth ₹200.80 crore have already been provisionally attached during the course of the investigation.
The prosecution complaint was presented before the Special PMLA Court in Panchkula. During the hearing, the court observed that the complaint runs into thousands of pages and deferred its scrutiny. The matter has been listed for August 4, when the court will examine the records and await prosecution sanction against one of the accused.
The court also exempted the ED’s Assistant Director from personal appearance, accepting the agency’s submission regarding official commitments. It further directed that the four accused currently lodged in judicial custody be produced through video conferencing on the next date of hearing.
According to the complaint, former IDFC First Bank employees Ribhav Rishi and Abhay Kumar, real estate businessman Vikram Wadhwa, and former Haryana Panchayat Department Superintendent Naresh Kumar have been named among the principal accused. Other individuals named include Swati Singla, Abhishek Singla, Divya Arora, Manoj Kumar Sharma, and Ankur Sharma.
The prosecution complaint also names four business entities—Capco Fintech Services Partnership Firm, RS Traders, SRR Planning Gurus Pvt. Ltd., and Swastik Desh Projects Partnership Firm. In addition, Maa Vaibhav Laxmi Interiors has also been included as an accused entity.
The ED’s investigation stems from a Central Bureau of Investigation (CBI) FIR alleging that nearly ₹593 crore was siphoned off from various Haryana government departments through fake bills, forged documents, shell companies, and fraudulent banking transactions. Investigators allege that the funds were routed through accounts maintained with IDFC First Bank and AU Small Finance Bank before being transferred across multiple entities.
According to the ED, the proceeds of crime were layered through several companies and bank accounts to conceal their origin before being invested in real estate, business ventures, and other assets.
As part of the investigation, the agency has provisionally attached assets worth ₹200.80 crore for 180 days under the PMLA. These include immovable properties valued at approximately ₹179.80 crore, along with movable assets worth ₹21 crore, comprising bank accounts, fixed deposits, and other financial assets.
The attached properties include residential and commercial assets located in Chandigarh, Mohali, Panchkula, and Delhi, which the ED alleges are linked to the accused individuals and associated business entities.
The next hearing is scheduled for August 4, when the Special PMLA Court will examine the prosecution complaint and decide the next course of judicial proceedings. Investigations by both the ED and the CBI remain ongoing, and further action against additional accused persons or assets cannot be ruled out.
