The Enforcement Directorate (ED) has apprehended a former senior official of the Haryana government in connection with an investigation into the Rs 645 crore IDFC Bank fraud. Naresh Kumar, who previously served as a superintendent in the office of Director, Development and Panchayat, was arrested by the ED’s Chandigarh Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002.
The investigation has uncovered the misappropriation of public funds totaling Rs 645 crore from the bank accounts of the Haryana Government, Chandigarh UT Administration, and two private schools in Chandigarh and Panchkula held with IDFC First Bank. The federal probe agency has identified Vikram Wadhwa as a key figure involved in embezzling government funds in collaboration with other individuals, including bank and government officials.
According to the ED, Naresh Kumar allegedly received funds directly from the Swastik Desh Project, a shell entity used to divert government funds. He is accused of playing a significant role in the generation, layering, and concealment of proceeds of crime, having received a substantial amount in his and his family members’ bank accounts. Additionally, substantial cash amounts derived from the embezzled funds were reportedly delivered to him.
In a related development, the Central Bureau of Investigation (CBI) recently conducted searches at multiple locations linked to the misappropriation fraud involving IDFC First Bank/AU Finance Bank. The searches targeted the siphoning of government funds in various departments of the Haryana government and Chandigarh, including the Municipal Corporation Chandigarh and CREST Chandigarh. These operations were carried out at premises in Chandigarh, Panchkula, and Delhi-NCR, including the residences of senior public servants and Vipam Consultancy and its Director, in connection with alleged irregularities and the receipt of proceeds of crime.
