ED says accused routed money through shell companies, key accused absconding

The Enforcement Directorate said Friday that the accused, including bank officials, real estate developers, and jewellers, connived with each other and allegedly siphoned off over Rs.

597 crore from the Haryana Government through IDFC First Bank in the last year.

ED initiated an investigation under the Prevention of Money Laundering Act (PMLA) based on an FIR registered by the State Vigilance and Anti-Corruption Bureau last month into the mismatch in balances in the bank accounts of the Development and Panchayat Department, Haryana, held with IDFC Bank and AU Small Finance Bank.

ED’s latest findings follow searches conducted at 19 locations acrossChandigarh, Mohali,Panchkula, Gurgaon, andBengaluruin connection with its ongoing investigation into the IDFC First Bank scam.

ED said more than 90 bank accounts have been frozen, and incriminating material, including digital and documentary evidence, has been seized.

In a press release, ED said a “significant amount has also been siphoned off by one Vikram Wadhwa, who is a hotelier and real estate developer running various projects in Mohali”.

“Vikram Wadhwa, who directly received the Proceeds of Crime in his bank account, has subsequently transferred the funds to the various real estate concerns like Prisma Residency LLP, Kinspire Realty LLP, and Martell Buildwell LLP”
While Wadhwa continues to be absconding, senior officials said the Haryana Police’s Anti-Corruption Bureau, the state vigilance department, and the ED are looking for him, and raids are being conducted to nab him.

“The scam was perpetuated over the last year, approximately, through the assistance of the ex-bank employees.

Ribhav Rishi, an ex-employee of IDFC First Bank, utilised various shell companies to siphon off bank funds.

He resigned from IDFC First Bank in June 2025.

Some of the Proceeds of Crime were even dissipated to the bank accounts of Ribhav Rishi and his wife Divya Arora,” the official said.

An ED official said the search operations have covered former bank employees Ribhav Rishi and Abhay Kumar, their family members, beneficiary shell entities Swastik Desh Projects, Capco Fintech Services, Maa Vaibhav Laxmi Interiors, SRR Planning Gurus Private Limited, and Sawan Jewellers, as well as real estate developers like Vikram Wadhwa and his business entities.

“Searches have revealed that the public funds embezzled by the accused persons have been routed and layered across multiple shell entities,” an ED official said.

The official said that the modus operandi involves the incorporation of a shell entity, Swastik Desh, and that huge government funds were initially diverted to this account.

“The partners of the Swastik Desh are Swati Singla and Abhishek Singla.

Thereafter, the majority of the funds have been channelised through bank accounts of jewellers to create an illusion of gold purchase through bogus billing”.

“All these entities were covered in the search, and documents related to real estate investment were also seized.

It was found that he had utilised the services of the jewellers, M/S Sawan Jewellers, M/S Capco Fintech Services (Bhupinder Singh), and M/S Klaita Jewellers, and shell entities such as Swastik Desh Projects, for siphoning off bank funds.

Investigations also revealed that substantial funds received by the entity Chandigarh Mega Store were also layered and siphoned off by the accused persons,” the official said.

The official added that the store’s partner, Mohit Goyal, was also searched, and evidence related to siphoning funds was recovered.

“The searches were conducted at other entities like M/s Maa Vaibhav Laxmi Interiors and M/s SRR Planning Gurus Private Ltd, and it was found that these entities had directly received the funds from the government accounts and subsequently layered and dissipated to other shell entities, which are under investigation,” the official said.

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