Chandigarh, March 14 The Haryana State Vigilance and Anti-Corruption Bureau (ACB) arrested a jeweler on Saturday in connection with the IDFC First Bank fraud case. Investigators found that more than ₹250 crore had been routed to his firm from companies linked to the accused.
Rajan Katodia, owner of Sawan Jewellers, was arrested as part of the ongoing investigation, bringing the total number of arrests in the case to 12, according to an official statement issued in Panchkula.
The case involves private lender IDFC First Bank, which had disclosed a ₹590 crore fraud involving certain employees and others at its Chandigarh branch in a set of accounts held by the Haryana government.
Investigations revealed that Sawan Jewellers received an amount exceeding ₹250 crore from various companies and firms linked to the accused, including Ribhav Rishi, Abhay Kumar, Abhishek Singla, and Swati Singla.
The statement said that "the funds had been transferred into these companies/firms from government accounts through illegal means."
Preliminary investigation also found that Katodia allegedly facilitated cash conversion services for the prime accused and received a hefty commission in return.
"The accused falsely recorded the sale of gold items to these firms/companies in their books. The accused, Rajan, played a pivotal role in hatching the conspiracy right from the inception of the fraud and actively contributed to executing the crime as part of a premeditated plan," it said.
The accused will be produced before a court in Panchkula, and a police remand will be sought for further interrogation.
The investigation also revealed that Sawan Jewellers received funds through unauthorized channels from entities such as Cap Co Fintech Services, SRR Planning Gurus Pvt Ltd, and Swastik Desh Project, among others.
Earlier, 11 accused, including six bank employees, four private individuals, and one government official, had been arrested in connection with the case.