Srinagar, June 11: The Directorate of Enforcement (ED), Chandigarh Zonal Office, has arrested former Haryana government official Naresh Kumar in connection with the ongoing investigation into the multi-crore ₹645 crore IDFC First Bank fraud case under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to an official press release, Naresh Kumar, who was serving as Superintendent in the office of the Director, Development and Panchayat, Haryana, was taken into custody on June 10, 2026, following evidence gathered during the probe into the alleged embezzlement of public funds.
The ED investigation has so far uncovered the diversion of nearly ₹645 crore from bank accounts belonging to the Haryana Government, Chandigarh Union Territory Administration, and two private schools in Chandigarh and Panchkula, all maintained with IDFC First Bank.
The agency stated that Vikram Wadhwa, along with Ribhav Rishi, Abhay Kumar, certain bank officials and government functionaries, allegedly orchestrated the siphoning of government funds through a network of shell entities.
Investigators alleged that Naresh Kumar directly received diverted funds through M/s Swastik Desh Project, one of the shell firms allegedly used to route the embezzled money. Besides receiving money in his own bank accounts, he is accused of acting as a crucial middleman in diverting funds and concealing the proceeds of crime.
The ED further claimed that Naresh Kumar played an active role in the generation, layering and concealment of illicit proceeds, receiving approximately ₹1.20 crore in bank accounts belonging to himself and his family members. The agency also alleged that substantial amounts of cash generated from the fraud were delivered to him.
According to the investigation, shell entities including M/s Capco Fintech Services, M/s Swastik Desh Projects, R.S. Traders and M/s SRR Planning Gurus Pvt Ltd allegedly received funds siphoned directly from government department accounts. These amounts were subsequently layered through multiple accounts of accused persons and associated entities.
The probe has further revealed that hundreds of crores of rupees were transferred to various jewellers, who allegedly provided cash against these banking transactions. The ED alleged that Ribhav Rishi and his associates distributed the cash among several beneficiaries, including government officials. Efforts are underway to trace the complete money trail and identify other beneficiaries and assets acquired through the proceeds of crime.
Following his arrest, Naresh Kumar was produced before the Special Court under the PMLA, which granted the ED four-day custody till June 14, 2026 for further interrogation.
The agency noted that Ribhav Rishi, Abhay Kumar and Vikram Wadhwa had earlier been arrested in the same case and are presently in judicial custody.
Further investigation into the high-profile bank fraud case is underway.(KNC)
