₹597 Crore Banking Scam Exposed in Haryana

A massive ₹597-crore banking fraud involving government funds has been uncovered at an IDFC First Bank branch in Chandigarh, with authorities arresting 12 individuals so far. 
 
The latest arrest was that of jeweller Rajan Katodia, owner of Sawan Jewellers, accused of helping route more than ₹250 crore through fake gold transactions.
 
Investigators from the Haryana State Vigilance and Anti-Corruption Bureau said funds meant to be placed as fixed deposits by several Haryana government departments were instead diverted into multiple bank accounts and shell companies.
 
 
Former bank employees Ribhav Rishi and Abhay Kumar are believed to be central figures in the scam, allegedly using their access to government accounts to siphon funds into entities linked to real estate ventures.
 
 
Hotelier and realtor Vikram Wadhwa is also accused of channelling the diverted money into property projects in Chandigarh and nearby regions.
 
 
The Enforcement Directorate has frozen more than 100 bank accounts as investigations continue into one of the region’s largest financial fraud cases.