New Delhi. The Enforcement Directorate has arrested Naresh Kumar, a former superintendent-level official in the Haryana government, in connection with a money laundering investigation linked to an alleged ₹645 crore diversion of public funds through accounts associated with IDFC First Bank. The agency has alleged that government funds were routed through shell companies, intermediaries and layered transactions to conceal their origin.
Former Official Sent To Custody
According to officials, Naresh Kumar was arrested on June 10 and later produced before a special PMLA court. The court granted custody for further interrogation under the Prevention of Money Laundering Act, 2002.
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The case involves alleged misappropriation of funds from accounts linked to the Haryana government, the Chandigarh Union Territory administration and two private schools. Investigators said the money was moved through accounts maintained in IDFC Bank before being diverted through multiple entities.
The ED has alleged that Naresh Kumar played a key role in facilitating and channeling illicit funds. The agency has also identified around ₹1.20 crore credited to his personal and family-linked bank accounts as part of the investigation.
Shell Companies Used To Layer Funds
Investigators have identified several shell companies allegedly used to move and disguise the funds, including Capco Fintech Services, Swastik Desh Projects, RS Traders and SRR Planning Gurus Pvt Ltd. These entities were reportedly used to circulate money through multiple accounts.
The agency has alleged that key accused, including Vikram Wadhwa, Ribhav Rishi and Abhay Kumar, operated a coordinated network with the involvement of certain bank and government officials. The funds were allegedly transferred first into shell companies, then routed through successive layers of accounts.
The probe also found the alleged use of a shell entity named Swastik Desh Project to divert government funds before distributing them further across multiple accounts. Investigators believe this process was intended to break the money trail.
Cash Trail Linked To Jewellers
One of the major findings in the investigation concerns the alleged conversion of large sums into cash through jewellers. The ED has alleged that jewellers provided cash in exchange for banking transactions carried out by intermediary shell entities.
This cash was then allegedly distributed among various individuals involved in the network, including officials and middlemen. The agency is now tracing the full money trail, identifying additional beneficiaries and examining properties allegedly acquired through siphoned funds.
Several accused have already been arrested in the case and are in judicial custody. Officials said the investigation is continuing, with further arrests possible as the probe expands into connected entities and transactions.
