ED Nabs IDFC First Bank Ex-Staff in ₹645 Cr Money Laundering Probe

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AuthorIshaan Verma|Published at:
ED Nabs IDFC First Bank Ex-Staff in ₹645 Cr Money Laundering Probe
Overview

The Enforcement Directorate (ED) arrested two former employees of IDFC First Bank's Chandigarh branch in a ₹645 crore money laundering case. Ribhav Rishi and Abhay Kumar are accused of embezzling government funds and siphoning them into shell entities. The probe, initiated by Haryana's vigilance bureau, targets alleged fraud involving public money from government accounts and schools. Authorities are tracing the money trail.

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Former Bank Staff Arrested in Fraud Probe

The Enforcement Directorate (ED) arrested two former employees of IDFC First Bank in connection with a large-scale embezzlement and money laundering case. Ribhav Rishi, a former manager, and Abhay Kumar, an ex-relationship manager at the bank's Chandigarh Sector 32 branch, were arrested on Monday. A court has remanded them to ED custody until May 21.

Public Funds Allegedly Embezzled

Public funds totaling ₹645 crore were allegedly embezzled from accounts of the Haryana government, the Chandigarh administration, and two private schools. The ED alleges Ribhav Rishi created shell companies, Capco Fintech Services and RS Trader, using his personal assistant and driver as nominees. Abhay Kumar allegedly set up Swastik Desh Projects through his wife and brother-in-law. These firms allegedly received hundreds of crores directly from government accounts before being laundered and siphoned off.

Investigation Continues

The ED is actively tracing the money trail to identify all beneficiaries and assets bought with the stolen funds. The case began with a First Information Report (FIR) from the Haryana State Vigilance and Anti-Corruption Bureau. That bureau had previously arrested 11 people, including bank employees, private individuals, and a government official.

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