A jeweller in Haryana has been arrested for his alleged involvement in routing over Rs 250 crore in the IDFC First Bank fraud case, marking a significant development in the ongoing investigation.
Key Points
- A jeweller, Rajan Katodia, owner of Sawan Jewellers, has been arrested in connection with the Rs 590 crore IDFC First Bank fraud case in Haryana.
- Investigations revealed that over Rs 250 crore was routed to Sawan Jewellers from companies linked to the accused in the IDFC bank fraud.
- Katodia allegedly facilitated cash conversion services and received a commission, falsely recording gold sales to implicated firms.
- The investigation has uncovered unauthorised fund transfers to Sawan Jewellers from entities like Cap Co Fintech Services and SRR Planning Gurus Pvt Ltd.
- This arrest brings the total number of individuals apprehended in connection with the IDFC First Bank fraud case to 12.
The Haryana State Vigilance and Anti-Corruption Bureau (ACB) on Saturday arrested a jeweller in connection with the IDFC First Bank fraud case, with investigators finding that more than Rs 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 probe, and with this, the total number of arrests in the case has reached 12, an official statement issued in Panchkula said.
The case pertains to private lender IDFC First Bank, which had disclosed a Rs 590 crore fraud involving certain employees and others at its Chandigarh branch in a set of accounts held by the Haryana government.
Details of the Fraudulent Transactions
Investigations revealed that an amount exceeding Rs 250 crore was received by Sawan Jewellers from various companies and firms linked to the accused, including Ribhav Rishi, Abhay Kumar, Abhishek Singla and Swati Singla.
The statement said 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.
Further Investigation and Entities Involved
The investigation also revealed that Sawan Jewellers received funds through unauthorised 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.
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