Chandigarh: The Enforcement Directorate (ED) has intensified its investigation into the alleged IDFC FIRST Bank government fund scam by filing a prosecution complaint before a Special Prevention of Money Laundering Act (PMLA) Court against 14 accused individuals and entities. The central agency has also provisionally attached movable and immovable assets worth approximately ₹200.84 crore, alleging that the properties represent proceeds of crime generated through the diversion and laundering of government funds. The investigation pertains to the alleged misappropriation of nearly ₹645 crore from bank accounts belonging to various government departments and private schools.
According to the ED, the money laundering investigation was initiated on the basis of FIRs registered by the Haryana Anti-Corruption Bureau (ACB) and the Central Bureau of Investigation (CBI). Investigators allege that public funds were fraudulently withdrawn using forged documents and subsequently routed through multiple shell companies and bank accounts to conceal their origin before being invested in real estate, commercial ventures, and other assets.
The prosecution complaint names 14 accused persons and entities, including Ribhav Rishi, Vikram Wadhwa, Abhay Kumar, Naresh Kumar, Capco Fintech Services, RS Traders, SRR Planning Gurus Private Limited, Swastik Desh Projects, Swati Singla, Abhishek Singla, Divya Arora, Manoj Kumar Sharma, Maa Vaibhav Lakshmi Interiors, and Ankur Sharma.
The ED stated that four accused—Ribhav Rishi, Abhay Kumar, Vikram Wadhwa, and Naresh Kumar alias Naresh Bhuvani—have already been arrested during the course of the investigation. According to the agency, their interrogation has yielded significant information regarding the alleged modus operandi, movement of funds, operation of shell entities, and the suspected involvement of public servants and intermediaries. Officials said these aspects remain under detailed investigation.
Investigators allege that approximately ₹645 crore was siphoned from accounts maintained by government departments and private educational institutions before being layered through numerous shell companies and financial transactions. The agency believes the money was subsequently integrated into the legitimate financial system through investments in immovable properties, businesses, and other assets. Financial investigators are examining banking records, company documents, digital evidence, and transaction trails to reconstruct the complete flow of funds and identify additional beneficiaries.
The provisional attachment of assets worth ₹200.84 crore has been carried out under the provisions of the Prevention of Money Laundering Act to prevent the alleged proceeds of crime from being transferred, sold, or otherwise dissipated during the investigation. The attached assets include both movable and immovable properties allegedly linked to the accused.
The ED has stated that the investigation is continuing to determine the involvement of other individuals, public officials, and entities that may have facilitated the alleged diversion and laundering of public funds. Authorities emphasized that the allegations remain subject to judicial scrutiny, and the guilt or liability of the accused will be determined by the competent court after completion of the legal proceedings.
