CHANDIGARH — The Central Bureau of Investigation has uncovered a suspected money trail linking banking channels to an illegal hawala network during its probe into an alleged ₹504 crore fraud at IDFC First Bank. Investigators arrested Chandigarh-based businessman Mohit Goel for allegedly arranging ₹2 crore in cash and routing it via hawala channels to the son of suspended Haryana IAS officer R.K. Singh on January 22, 2026. The agency stated that the cash delivery took place at the direction of the bank’s then branch manager, Ribhav Rishi, with the misappropriated funds reaching the officer’s son in Delhi within 48 hours.
CBI officials suspect Goel played an integral role in facilitating transactions linked to the embezzlement of public money, using his business entities and bank accounts as conduit points. Investigators are now tracing how an additional ₹45.45 crore, allegedly returned in cash, was assembled, who accepted the physical currency, and which intermediaries operated within the wider network.
Fund Routing and the Cash Return Trail
According to the CBI, two entities named M/s RS Traders and M/s Capco Fintech Services transferred a total of ₹59.50 crore to Goel and his associated firms, Chandigarh Mega Store and Bhagwati Agencies, between October 11, 2023, and January 28, 2026. The agency stated these transactions were routed through regular banking mechanisms alongside fictitious commercial dealings.
Investigators alleged that Goel was aware of Rishi’s ties to both transferring firms. Rishi had reportedly assisted Goel in opening a store account while orchestrating the diversion of government revenues through shell operations and fraudulent banking procedures. Out of the ₹59.50 crore received across company accounts, approximately ₹14.05 crore was refunded via regular bank transfers, whereas the remaining ₹45.45 crore was allegedly returned in hard cash. Investigators are reconstructing every stage of these payments to locate the ultimate beneficiaries of the paper currency.
Hawala Network and Diverted Civic Bodies
The inquiry revealed that the ₹2 crore transferred to Delhi on January 22 originated from public money diverted from the Kalka Municipal Council. Goel allegedly raised the cash through his retail enterprise and local acquaintances following instructions from Rishi, after which hawala operatives moved the consignment to its destination that very evening.
The CBI is mapping the entire operational chain behind the delivery, focusing on the handlers who sourced the physical notes, the couriers who moved them across state borders, and the brokers managing the hawala network. Investigators are also scrutinizing whether Goel arranged parallel cash deliveries for other public servants. The agency noted that Singh, who was arrested in June and suspended from service, had entered into a conspiracy with bankers and outside associates to misappropriate civic deposits belonging to both the Panchkula Municipal Corporation and the Kalka Municipal Council.
Transfers to Jewelers and Court Remand
The agency found that Goel permitted the syndicate to operate the bank account of Chandigarh Mega Store, providing signed blank cheques on demand. Forensic account checks revealed that ₹54.04 crore out of ₹58.68 crore deposited into the store’s account was promptly disbursed to outside individuals and commercial jewellers without any underlying purchases of stock or ornaments.
The primary recipients identified in the charges include Sawan Jewellers, which took ₹5.99 crore; MB Gold, which received ₹4.59 crore; Sham Jeweller, which obtained ₹3.62 crore; Nitin Singla and Anita Enterprises, who accounted for ₹2.79 crore; Vintage Home, which took ₹2.29 crore; and Bharat Distributor alongside Jatin Bansal, who collected ₹1.05 crore.
Following his arrest, a special court granted the CBI three days of custody to interrogate Goel regarding the cash distributions and identify those who received the ₹45.45 crore balance. Chartered accountant Siddharth Narula, Gaurav Kansal, and Manoj were also taken into custody and remanded for three days as the investigation into the broader banking conspiracy continues.
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