ACB uncovers shell network in Haryana’s Rs 590cr bank scam

Panchkula: Several shell companies were created, directly or indirectly, by the accused in Haryana's latest Rs 590-crore bank scam to divert govt funds, according to the state vigilance and anti-corruption bureau (ACB).Earlier, only one such firm, Swastik Desh Project, had surfaced during investigation. ACB has now identified more shell entities with names such as Swastik, Cap Co Fintech and SRR Planning. "Several bank accounts of shell entities like Swastik, Cap Co Fintech, SRR Planning and others have been identified in the first layer, along with hundreds of accounts in the second layer," the ACB said. "The case pertains to a large-scale, multi-layered fraud through fraudulent banking operations and fictitious transactions to divert govt funds into shell entities owned directly or indirectly by the accused, causing substantial loss to the public exchequer. Each layer is being verified and the accused are being confronted with every entry," the agency added.
Officials said crucial leads emerged during the custody of the accused, but the investigation remained incomplete. Fresh financial records, including bank statements, digital records and transactional data, have recently been received, and the accused will be confronted with this material to establish their modus operandi, added officials.Investigators are also examining the methods used to commit fraud and forgery, identifying additional shell entities and beneficiary accounts, determining the role of co-accused including public servants and bank officials, and tracing the end use of the proceeds of crime.ACB has also received records from nine Haryana govt departments. Each document is being scrutinised, and the accused are being confronted with the alleged forged papers.Officials said the accused had earlier given misleading and evasive replies during police remand and did not cooperate with investigators. The examination of voluminous records and electronic data, they said, requires further custodial interrogation to establish the facts of the case.Call logs and email logs of bank accounts under investigation have been received in part, with the remaining records expected in a day or two. The accused will be confronted with the mobile numbers and email IDs used for transaction alerts, debit confirmations and account statements, officials said.These submissions were made by ACB before a Panchkula court. Meanwhile, Abhishek Singla and his sister Swati Singla, who held 100% stake in Swastik, have been remanded in judicial custody after their seven-day ACB remand ended on Wednesday.The other four accused — Ribhav Rishi, a former branch head; Swati's husband Abhay Kumar, former relationship manager at IDFC First Bank's Sector 32 branch in Chandigarh; Naresh Kumar Bhuwani, superintendent in the office of the director, development and panchayat; and Manish Jindal, who handled financial transactions for certain Haryana administration officers — will be produced before the court on Friday as their remand ends.