Punjab Newsline | Chandigarh
Enforcement Directorate (ED) has made a major revelation during its investigation into the alleged ₹645-crore scam linked to IDFC First Bank. The agency has found that around ₹332 crore in suspicious funds was transferred into the bank account of Sawan Jewellers, located in Sector 35, over a period of nearly one-and-a-half years.
ED has arrested Rajan Singh Katodia, a partner in Sawan Jewellers, in connection with the case. The Chandigarh Zonal Office team of the agency produced him before a special Prevention of Money Laundering Act (PMLA) court in Panchkula, which remanded him to ED custody for four days.
The agency is now expected to question Katodia about the alleged involvement of other individuals and the suspicious financial transactions linked to the case.
According to the ED, Katodia, who was responsible for managing the operations of Sawan Jewellers in Sector 35, allegedly conspired with the main accused, Ribhav Rishi, and others to divert funds belonging to various departments of the Haryana government and the Chandigarh administration.
During the investigation, the agency detected suspicious transactions amounting to approximately ₹332 crore in the jewellery firm's bank account between November 6, 2024, and February 22, 2026. The funds were allegedly routed through various fake companies and entities.
ED alleges that Katodia facilitated the use of Sawan Jewellers to channel the proceeds of the alleged crime and project them as legitimate funds. Investigators have also found that jewellery purchases increased sharply following the alleged association with Ribhav Rishi.
The agency is examining the transactions as part of its money-laundering investigation to establish the alleged financial trail, identify other individuals involved and determine the role of the jewellery firm in the suspected diversion of government funds.
Further investigation into the alleged ₹645-crore scam is underway.
