The Enforcement Directorate (ED) has detained two ex-workers of IDFC First Bank regarding the misappropriation of Rs 645 crore from accounts of the Haryana government and the Chandigarh Administration. Ribhav Rishi and Abhay Kumar were apprehended under the Prevention of Money Laundering Act (PMLA), 2002. A Special Court granted the ED custody of both individuals for 10 days.
The investigation uncovered that public funds totaling Rs 645 crore were siphoned from accounts of the Haryana Government, the Chandigarh UT Administration, and two private schools held at IDFC First Bank. Shell entities, such as Capco Fintech Services and R S Trader by Ribhav Rishi, and Swastik Desh Projects by Abhay Kumar, were established to divert funds illegally.
These shell entities received substantial amounts embezzled from government accounts, which were then layered and siphoned off. The ED is actively tracing the money trail and identifying additional beneficiaries and properties acquired through these illicit activities.
In connection with the IDFC First Bank scam, two IAS officers from the Haryana government were suspended. The suspended officers were involved in key positions within the government departments. Earlier, the ED had conducted searches at multiple locations across various cities, freezing over 90 bank accounts and seizing incriminating evidence.
