The Haryana state vigilance and anti-corruption bureau (ACB) on Saturday arrested the owner of Sawan Jewellers, Sector 35-C, Chandigarh, in connection with the alleged ₹590-crore IDFC First Bank fraud case. The arrested accused has been identified as Rajan Katodia.
The ACB investigation revealed that more than ₹250 crore was received by Sawan Jewellers from various companies and firms linked to the main accused, including Ribhav Rishi, Abhay Kumar, Abhishek Singla, Swati Singla, and others. The ACB said that the money in these firms and companies had been illegally transferred from Haryana government accounts.
Preliminary investigation also revealed that Rajan Katodia, a resident of Sector 46-A, Chandigarh, was involved in converting cash for the main accused and received a hefty commission for the same. He allegedly showed the transactions as sales of gold items in the names of these firms and companies. Officials said that Katodia played a crucial role in the conspiracy from the very beginning of the fraud and actively contributed to executing the crime as part of a pre-planned scheme.
Investigators also found that Sawan Jewellers received unauthorised funds from Cap Co Fintech Services, SRR Planning Gurus Pvt. Ltd., and Swastik Desh Project, among others. This is the 13th arrest in the case so far. The Chandigarh Police Crime Branch on Saturday also arrested Vikram Wadhwa, the key conspirator in the alleged fraud case.
Officials said that Katodia will be produced before the court on Sunday after completing the necessary legal formalities. The police will seek his remand for further interrogation to uncover the entire network and the role of other individuals involved in the scam.
