‘Chandigarh‑based jeweller conspired to divert Rs 250

In the alleged Rs 590-crore IDFC bank fraud case, two Haryana officials serving as Controllers of Finance and Accounts in separate departments have been arrested for allegedly accepting substantial illegal gratification.

This follows the earlier arrest of a superintendent‑rank officer of the Haryana Development and Panchayat Department, marking a widening probe into the scam.

Till now, 14 persons have been arrested in the case.

The arrested officials have been identified as Rajesh Sangwan, controller of finance and accounts at the Haryana State Agriculture Marketing Board, and Randhir Singh, controller of finance and accounts at the School Shiksha Pariyojna Parishad.

Chandigarh‑based jeweller Rajan Katodia of Sawan Jewellers and the two officials were arrested on Saturday and produced before aPanchkulacourt on Sunday, from where they were sent to four days’ police remand.

Explaining the alleged role of the two officials, the State Vigilance and Anti‑Corruption Bureau (SV & ACB) informed the court that “they were found to be involved in commission of the offence as alleged”.

“They deliberately violated the instructions issued by the Finance Department (Government of Haryana) from time to time and hatched a criminal conspiracy with co‑accused to siphon off government funds; actively participated in commission of offence and accepted substantial amounts as part of illegal gratification.”
The vigilance also arrested Rajan Katodia, owner of Chandigarh‑based Sawan Jewellers, in connection with the fraud case, with investigators finding that more than Rs 250 crore had been routed to his firm from companies linked to the accused.

About Katodia, the vigilance said that he was arrested “after finding his involvement based on credible evidence”.

The vigilance alleged that “two former staffers of the IDFC Bank and key accused Ribhav Rishi, Abhay Kumar and others hatched conspiracy with Katodia to divert the government funds in shell firms/ companies like Cap Co Fintech Services, SRR Planning Gurus Pvt.

Ltd, Swastik Desh Project etc.

and thereafter received an amount of more than Rs 250 crore”.

Detailing the jeweller’s role, the vigilance further stated: “Accused issued bills in the name of these firms showing the sale of gold items but actually converted the amount so sent in his account in cash after deducting hefty commission for himself.”
Seeking police remand of Katodia, Sangwan and Randhir Singh, the vigilance argued that “since the matter pertains to large scale siphoning off from the government funds which runs in crores of rupees and investigation pertaining to accused remains still incomplete, therefore, police remand is required for proper investigation”.

It stressed that “sustained and thorough interrogation of the accused is crucial in the case in order to ascertain the complete sequence of events and to uncover to full extent the conspiracy hatched and execution thereof in furtherance of the said conspiracy.”
According to investigators, the case relates to siphoning off government funds by forging instruction memos, debit notes, and valuable instruments, requiring in‑depth custodial interrogation to “unearth the complete modus operandi, co‑accused involved in the commission of offence, ascertain specific role played by each accused and identify the devices and means used in the commission of offence.” The vigilance said the accused must be interrogated and confronted with seized documents to establish the nexus between bank officials, private persons, and public servants.

They are also to be questioned on the basis of incriminating material and digital data obtained during the investigation.

Investigators added that custodial interrogation is necessary to trace the proceeds of crime and recover fabricated or forged documents used in the offence.

“Accused are to be confronted with each and every entry related to credit as well as debit transactions in the accounts of firms/ companies from government accounts and the ultimate beneficiary thereof.

This exercise requires a substantial time period for verification and investigation,” the vigilance told the court, adding that the probe is at a crucial stage and the accused have committed serious offences of fraud, forgery, and misappropriation of government funds to the tune of crores of rupees.

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