ED Freezes Over 90 Bank Accounts in Major Haryana-IDFC Bank Scam Investigation
The Enforcement Directorate (ED) announced on Friday that it has frozen more than 90 bank accounts following recent searches conducted in connection with the massive Rs 597 crore IDFC First Bank scam, which involves several Haryana government departments. This significant financial fraud has prompted a rigorous federal investigation into the embezzlement of public funds.
Widespread Searches and Shell Entity Network Uncovered
The federal agency executed searches at multiple premises across key locations including Chandigarh, Mohali, Panchkula, Gurugram, and Bangalore on March 11. These operations were initiated based on an FIR registered by the Haryana State Vigilance and Anti-Corruption Bureau. The ED's investigation has revealed that the embezzled public funds were systematically routed and layered through a complex network of shell entities designed to obscure the illicit transactions.
The modus operandi centered on the incorporation of a shell company named Swastik Desh Projects Private Limited. According to the ED, substantial government funds were initially diverted into the accounts of this entity. The partners of Swastik Desh Projects Private Limited have been identified as Swati Singla and Abhishek Singla, who are now under scrutiny for their alleged roles in the scam.
Key Figures and Money Laundering Techniques
The ED is actively searching for hotelier and builder Vikram Wadhwa, who is accused of assisting in the siphoning and misappropriation of a significant portion of the funds through his entities based in Mohali. Wadhwa allegedly received the proceeds of crime directly into his bank account and subsequently transferred the money to various real estate concerns, further complicating the trail of the embezzled amounts.
This elaborate scam was carried out over the past year with the assistance of former bank employees. One such individual, Ribhav Rishi, a former employee of IDFC First Bank, utilized multiple shell concerns to facilitate the siphoning off of funds. Rishi resigned from his position at IDFC in June 2025. The investigation has uncovered that some of the illicit proceeds were transferred to bank accounts held by Rishi and his wife, Divya Arora.
Arrests and Ongoing Legal Proceedings
In a related development, the Haryana State Vigilance Bureau has already arrested 11 individuals, including Ribhav Rishi, in connection with this extensive financial fraud. The arrests underscore the seriousness of the allegations and the coordinated efforts between state and federal agencies to bring the perpetrators to justice.
The ED's actions, including the freezing of over 90 bank accounts, mark a critical step in dismantling the financial infrastructure that supported this scam. The agency continues to probe deeper into the layers of shell companies and money laundering techniques employed to divert public funds intended for Haryana government projects.
