ED Freezes 90 Accounts in IDFC ₹590-Cr Bank Fraud Case
Most of the funds were channelled through the bank accounts of jewellers to create the appearance of gold purchases through bogus billing
NEW DELHI: The Enforcement Directorate on Friday said it had frozen more than 90 bank accounts following searches in a money laundering case linked to IDFC First Bank involving the alleged siphoning of ₹590 crore of Haryana government funds.
The agency said the alleged fraud involved the use of multiple shell companies and bogus billing for gold purchases to route and layer the funds.
Searches were conducted on March 11 at 19 premises across the Chandigarh tricity — Chandigarh, Mohali and Panchkula — as well as in Gurugram and Bengaluru.
According to the agency, the accused allegedly embezzled public money by routing funds through multiple shell entities. Most of the funds were channelled through the bank accounts of jewellers to create the appearance of gold purchases through bogus billing.
Investigators identified one of the shell companies as Swastik Desh Projects Pvt Ltd, whose partners are Swati Singla and Abhishek Singla.
The agency said the fraud was carried out over the past year with the assistance of former bank employees, including Ribhav Rishi. The proceeds of crime were allegedly transferred to accounts linked to Rishi and his wife Divya Arora.
“During searches, more than 90 bank accounts have been frozen, and incriminating material in the form of digital as well as documentary evidence have been seized,” the agency said.
The case was registered under the Prevention of Money Laundering Act based on an FIR filed by the Haryana State Vigilance and Anti-Corruption Bureau.
According to the bureau, 11 persons have been arrested so far, including six bank employees, four private individuals and a government official.