The directorate of enforcement (ED), Chandigarh Zonal Office, has arrested Naresh Kumar, a former superintendent in the office of the director, development and panchayat, Haryana, in connection with the alleged ₹645-crore IDFC First Bank fraud case involving embezzlement of government funds and money laundering.
According to the ED, Naresh Kumar was arrested on June 10 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, following an investigation into the alleged siphoning of public funds from bank accounts belonging to the Haryana government, Chandigarh administration and two private schools in Chandigarh and Panchkula maintained with IDFC First Bank.
The agency said its investigation has so far revealed that funds amounting to ₹645 crore were fraudulently withdrawn and diverted through a network of shell entities and intermediaries. Vikram Wadhwa, identified as one of the principal accused, allegedly acted in connivance with Ribhav Rishi, Abhay Kumar, bank officials and government employees to embezzle government funds.
The ED alleged that Naresh received money directly from M/s Swastik Desh Project, a shell entity allegedly used to siphon off government funds. Investigators further claim that Naresh acted as a key middleman in diverting the proceeds of crime and played an active role in generating, layering and concealing illicit funds.
According to the agency, proceeds of crime amounting to about ₹1.20 crore were transferred to bank accounts belonging to Naresh and his family members. The ED also alleged that substantial amounts of cash generated from the embezzled funds were delivered to him.
The investigation has identified several intermediary shell firms, including M/s Capco Fintech Services, M/s Swastik Desh Projects, R.S. Traders and M/s SRR Planning Gurus Pvt Ltd, which allegedly received embezzled government funds. These funds were subsequently routed through multiple bank accounts linked to accused persons and related entities to conceal their origin.
The ED alleged that hundreds of crores of rupees were transferred to various jewellers through these shell entities, who in turn provided cash against the banking transactions. The agency claims that Ribhav Rishi and his associates distributed the cash among several government officials, including Naresh.
Following his arrest, the special court under the PMLA granted the ED four days of custodial interrogation of Naresh till June 14. The agency had earlier arrested Ribhav Rishi, Abhay Kumar and Vikram Wadhwa in the same case. All three are currently in judicial custody.
The ED said efforts are underway to trace the complete money trail, identify other beneficiaries and locate properties allegedly acquired using the proceeds of crime. Further investigation is in progress.
