Jewelers and builders trapped in IDFC Bank scam of Rs 597 crore, new revelations happening every day

The investigation into the big bank scam of Rs 597 crore involving Haryana has intensified and new revelations are coming to light every day. After the recent arrest of a jeweler in this case, the total number of arrested accused has reached 12. According to the investigating agencies, this scam is related to transferring the money of government departments here and there through fake companies and accounts instead of keeping it in Fixed Deposit (FD).

Initial investigation revealed that funds belonging to several departments of the Haryana government were deposited in the Chandigarh branch of IDFC First Bank. However, with the alleged connivance of some employees of the bank and some other persons, these funds were transferred to fraudulent accounts and later to different places through several companies.

Haryana Vigilance Bureau and Anti-Corruption Bureau (ACB), which is investigating this case, has arrested a jeweler named Rajan Katodia. He is the owner of a jewelery shop named Sawan Jewellers.

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According to the investigating agencies, many companies associated with the accused sent an amount of more than Rs 250 crore to the account of this jewelery firm. On paper it was recorded as purchase and sale of gold jewellery, whereas in reality the money was withdrawn from government funds. Officials say that the jeweler was given a huge commission in exchange for this transaction.

collusion game

According to investigation, the center of the scam was the bank branch located in Sector-32, Chandigarh. Here the money of at least eight government departments of Haryana like Panchayat Department and Pollution Control Board was to be kept in the form of FD.

However, it is alleged that this amount was transferred to 12 different bank accounts. Of these, 10 accounts were in IDFC First Bank and two in AU Small Finance Bank. Investigating agencies believe that former bank employees Ribhav Rishi and Abhay Kumar were the key actors of this entire network, who took advantage of access to government accounts and sent money to shell companies.

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Big businessman became accused

Another major revelation in the case came after the arrest of Vikram Wadhwa. He is a hotel and real estate businessman from Chandigarh and according to the police, he was absconding for several days. Later he was arrested from Kharar.

During interrogation, Wadhwa told that the bank official had offered him to route the government money through his companies and had assured him that if needed, the amount would be transferred back to the government accounts. Wadhwa claims that earlier he used to work in a guesthouse for Rs 1500 per month but later he set up a big real estate business.

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So far 12 people have been arrested in this scam. During the investigation, electronic equipment, luxury vehicles and many properties were detected by raiding many places. The Enforcement Directorate (ED) has also conducted raids in many cities and frozen more than 100 bank accounts. Investigating agencies suspect that some government officials may also have a role in this case and more big revelations may be made in the coming days.