Chandigarh, June 11: The Directorate of Enforcement (ED), Chandigarh Zonal Office, has arrested Naresh Kumar, the then Superintendent in the office of the Director, Development and Panchayat, Haryana, in connection with the alleged ₹645-crore IDFC First Bank fraud and money laundering case.
According to an ED Naresh Kumar was arrested on June 10 under provisions of the Prevention of Money Laundering Act (PMLA), 2002, following investigations into the massive embezzlement of government funds.
The agency said its probe has so far uncovered the diversion of nearly ₹645 crore from bank accounts belonging to the Haryana Government, Chandigarh UT Administration and two private schools in Chandigarh and Panchkula maintained with IDFC First Bank.
ED investigators have named Vikram Wadhwa as one of the key accused in the case. The agency alleged that Wadhwa, in connivance with Ribhav Rishi, Abhay Kumar, bank officials and government functionaries, siphoned off public funds through a network of shell entities.
Naresh Kumar is accused of receiving funds directly from Swastik Desh Project, one of the shell entities allegedly used to divert government money.
The ED claimed that apart from receiving government funds in his own bank accounts, Kumar acted as a crucial middleman in the diversion of funds and played an active role in the acquisition, layering and concealment of proceeds of crime.
According to the agency, investigations have revealed that proceeds of crime amounting to around ₹1.20 crore were credited to bank accounts belonging to Kumar and his family members. The ED further alleged that substantial amounts of cash generated from the embezzled funds were also delivered to him.
The probe has identified several intermediary shell firms, including Capco Fintech Services, Swastik Desh Projects, R.S. Traders and SRR Planning Gurus Pvt Ltd, which allegedly received embezzled government funds before routing them through multiple bank accounts linked to the accused and their associates.
The ED said hundreds of crores of rupees were transferred from these shell entities to various jewellers, who allegedly provided cash against the banking transactions.
The agency claims that Ribhav Rishi and his associates subsequently distributed the cash among several beneficiaries, including government officials.
Following his arrest, Naresh Kumar was produced before a Special PMLA Court, which granted the ED four days of custodial interrogation till June 14. The agency noted that key accused Ribhav Rishi, Abhay Kumar and Vikram Wadhwa had already been arrested earlier in the case and are currently in judicial custody.
The Enforcement Directorate said efforts are underway to trace the complete money trail, identify additional beneficiaries and uncover properties acquired through the alleged proceeds of crime. Further investigation is continuing.
