Key facts
- Naresh Kumar, a former Haryana government official, was arrested by the Enforcement Directorate (ED) on June 10.
- The arrest is part of an investigation into a fraud case involving IDFC First Bank.
- The ED alleges that approximately Rs 645 crore in public funds were embezzled from government accounts.
- Funds were allegedly siphoned off through shell entities and converted to cash via jewellers.
- Kumar is accused of receiving Rs 1.20 crore directly and also acting as a key middleman for cash distribution.
The Enforcement Directorate (ED) has arrested Naresh Kumar, a former superintendent in the office of the Director, Development and Panchayat in Haryana, in connection with an investigation into an IDFC Bank fraud case. Kumar was taken into custody on June 10 under the Prevention of Money Laundering Act (PMLA), 2002, and a special court granted him four days of ED custody until June 14.
The ED's investigation has revealed the alleged embezzlement of public funds totaling Rs 645 crore from accounts maintained with IDFC First Bank by Haryana Government, the Chandigarh Union Territory administration, and two private schools. The agency stated that Vikram Wadhwa is a primary accused who, in collusion with Ribhav Rishi, Abhay Kumar, bank officials, and government officials, orchestrated the embezzlement.
According to the ED, Naresh Kumar allegedly received funds directly from Swastik Desh Project, a shell entity used to siphon off government money. He is also accused of acting as a key middleman in diverting funds and played an active role in acquiring and concealing the proceeds of crime generated in cash. Kumar reportedly received Rs 1.20 crore in his and his family members' bank accounts, with additional large sums of cash delivered to him.
The investigation identified several intermediary shell entities, including Capco Fintech Services, Swastik Desh projects, RS Traders, and SRR Planning Gurus Pvt Ltd, which received embezzled funds directly from government department accounts. These funds were then layered through various bank accounts of accused individuals and related entities. Subsequently, hundreds of crores were transferred to jewellers who provided cash in return for these banking transactions. Ribhav Rishi and his associates allegedly distributed cash amounts to various government officials, including Kumar. The ED is continuing efforts to trace the complete money trail and identify other beneficiaries and acquired properties. Earlier, Ribhav Rishi, Abhay Kumar, and Vikram Wadhwa were arrested in this case and are currently in judicial custody.