₹590-crore IDFC First Bank fraud: Chandigarh-based firm partner held

The arrested accused has been identified as Ankur Sharma, a resident of Chandigarh; according to the prosecution, Ankur is a partner in SRR Planning Gurus Private Limited, a firm formed in July 2024

The state vigilance and anti-corruption bureau (ACB) has arrested another accused in the alleged ₹590-crore fraud case linked to IDFC First Bank, officials said on Wednesday.

The probe began on February 24 with the arrest of Ribhav Rishi and Abhay Kumar, both former employees of IDFC First Bank, along with business partners Swati Singla and Abhishek Singla of Swastik Desh Project. (HT Photo for representation)

The arrested accused has been identified as Ankur Sharma, a resident of Chandigarh. According to the prosecution, Ankur is a partner in SRR Planning Gurus Private Limited, a firm formed in July 2024. He allegedly holds a 50% stake in the company along with the mother of one of the accused, Ribhav Rishi. Investigators claim that the firm received ₹45 crore that had been diverted from various Haryana government departments.

The prosecution further alleged that Ankur assisted Ribhav Rishi in siphoning off government funds and that his custodial interrogation was necessary to probe the money trail and the alleged fraud.

However, counsel for the accused opposed the request for police remand, arguing that the allegations made by the prosecution were vague. The defence maintained that the case primarily involves documentary evidence and does not require custodial interrogation.

After hearing arguments from both sides, the court remanded Ankur Sharma to police custody for four days.

Meanwhile, accused Priyanka Bhatoa and Anuj Kaushal were also produced before the court after completing one day of police remand. The court subsequently sent both accused to judicial custody.

Earlier in the investigation, Naresh Kumar Bhuwani, a superintendent in the office of the director, development and panchayat, Haryana, and Manish Jindal were arrested on February 28.

The probe began on February 24 with the arrest of Ribhav Rishi and Abhay Kumar, both former employees of IDFC First Bank, along with business partners Swati Singla and Abhishek Singla of Swastik Desh Project. Their arrests came a day after an FIR was registered under various provisions of the Bharatiya Nyaya Sanhita and the Prevention of Corruption Act. According to available details, the ACB has arrested 11 people in connection with the alleged fraud case.

ED registers case, conducts searches at 19 locations

The enforcement directorate registered a money laundering case and conducted searches at 19 locations on Wednesday in connection with alleged embezzlement of ₹590 crore from the Haryana government’s accounts maintained with IDFC First Bank in Chandigarh, official sources said. The federal probe agency conducted searches at 19 premises in Chandigarh, Gurugram and Mohali against various business entities which helped the accused persons get accommodation (hawala) entries to conceal the money trail and proceeds of crime, they said.

The raids were undertaken after the ED booked a case under the Prevention of Money Laundering Act (PMLA) taking cognisance of a Haryana SV & ACB FIR. Primary investigation by the ED has revealed that big amounts of money have been transferred to the various shell companies and minor jewellery entities. Chandigarh based hotelier, Vikram Wadhwa, who is an accused in this case has been absconding.