ED arrests former Haryana official in bank fraud case

Chandigarh: The Directorate of Enforcement (ED) has arrested former superintendent Naresh Kumar in connection with the alleged ₹645-crore IDFC First Bank and AU Small Bank fraud case under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. Kumar was attached with the office of director, development and panchayat, Haryana govt. According to the ED, Kumar was arrested on Wednesday following an ongoing investigation into the alleged embezzlement of public funds from bank accounts belonging to the Haryana Govt, the Chandigarh Administration, and two private schools in Chandigarh and Panchkula that were maintained with IDFC First Bank and AU Small Bank. The agency said its investigation has so far uncovered a complex network involving shell companies, bank officials, private individuals, and govt functionaries. Vikram Wadhwa has been identified as one of the principal accused and is alleged to have acted in connivance with Ribhav Rishi, Abhay Kumar, certain bank officials, and govt employees to siphon off govt funds.ED alleged that Naresh Kumar received proceeds of crime directly through M/s Swastik Desh Projects, described as a shell entity allegedly used for diverting public money. Investigators claim Kumar received around ₹1.20 crore in bank accounts held by himself and family members, and also obtained substantial amounts of cash generated from the embezzled funds. He is accused of playing a key role in the generation, layering, and concealment of proceeds of crime. The probe has revealed that several intermediary entities, including Capco Fintech Services, Swastik Desh Projects, R.S. Traders, and SRR Planning Gurus Pvt Ltd, allegedly received funds directly from govt department accounts before routing them through multiple bank accounts. Investigators suspect that hundreds of crores were transferred to jewellery businesses in exchange for cash, which was subsequently distributed among various beneficiaries.A Special PMLA court of Panchkula has granted the ED four days' custody of Kumar until June 14. Earlier, the agency had arrested Ribhav Rishi, Abhay Kumar, and Vikram Wadhwa in the same case, all of whom are currently in judicial custody. The ED said further investigation is underway to trace the complete money trail, identify additional beneficiaries, and locate assets allegedly acquired through the proceeds of crime.MSID:: 131660539 413 |