The Enforcement Directorate (ED) has attached assets valued at Rs 200.83 crore in connection with the alleged scam involving IDFC First Bank and AU Small Finance Bank. The attached assets include immovable properties worth Rs 179.83 crore and movable assets worth Rs 20.99 crore, the agency said.
Properties Attached Across Multiple Cities
The attached assets comprise properties located in Chandigarh, Mohali, Panchkula, and Delhi, as well as multiple bank accounts and fixed deposits. Among the key properties are those in Sectors 33-C and 21-C in Chandigarh, allegedly linked to real estate businessman Vikram Wadhwa. An industrial plot in Chandigarh linked to former IDFC First Bank branch manager Ribhav Rishi and his wife, Divya Arora, has also been attached.
The ED filed a prosecution complaint against 14 entities, including several firms, before a Special PMLA Court on July 9. On July 10, the Special PMLA Court in Panchkula remanded the alleged mastermind, Ribhav Rishi, to judicial custody along with Vikram Wadhwa, former IDFC First Bank relationship manager Abhay Kumar, and former Superintendent in the Development and Panchayats Department Naresh Kumar.
Details of the Scam
The case pertains to an alleged scam involving fraudulent loans and misappropriation of funds at IDFC First Bank and AU Small Finance Bank. The ED's investigation under the Prevention of Money Laundering Act (PMLA) revealed that the accused conspired to siphon off funds through a network of shell companies and benami properties. The attached assets are believed to be proceeds of crime.
The next hearing in the case is scheduled for August 4. The ED continues its investigation to trace additional assets and identify other beneficiaries involved in the scam.
Impact and Legal Proceedings
The attachment of assets worth over Rs 200 crore marks a significant step in the ED's crackdown on financial crimes. The agency has emphasized that the attached properties are linked to the accused and were acquired using illicit funds. The judicial custody of the four accused indicates the seriousness of the charges, which include criminal conspiracy, cheating, and money laundering.
According to sources, the scam came to light after internal audits at the banks revealed irregularities in loan disbursements and account manipulations. The ED's probe has so far identified 14 entities involved in the fraud, with investigations ongoing to uncover the full extent of the financial network.
