The Directorate of Enforcement (ED) has arrested former superintendent Naresh Kumar in connection with the alleged ₹645-crore IDFC First Bank and AU Small Bank fraud case under the Prevention of Money Laundering Act (PMLA), 2002. Kumar was attached with the office of the director, development and panchayat, Haryana government.
Arrest and Investigation Details
According to the ED, Kumar was arrested on Wednesday following an ongoing investigation into the alleged embezzlement of public funds from bank accounts belonging to the Haryana Government, the Chandigarh Administration, and two private schools in Chandigarh and Panchkula. These accounts were maintained with IDFC First Bank and AU Small Bank.
The agency stated that its investigation has uncovered a complex network involving shell companies, bank officials, private individuals, and government functionaries. Vikram Wadhwa has been identified as one of the principal accused, allegedly acting in connivance with Ribhav Rishi, Abhay Kumar, certain bank officials, and government employees to siphon off government funds.
Role of Naresh Kumar
The ED alleged that Naresh Kumar received proceeds of crime directly through M/s Swastik Desh Projects, described as a shell entity used for diverting public money. Investigators claim Kumar received around ₹1.20 crore in bank accounts held by himself and family members, and also obtained substantial amounts of cash generated from the embezzled funds. He is accused of playing a key role in the generation, layering, and concealment of proceeds of crime.
The probe revealed that several intermediary entities, including Capco Fintech Services, Swastik Desh Projects, R.S. Traders, and SRR Planning Gurus Pvt Ltd, allegedly received funds directly from government department accounts before routing them through multiple bank accounts. Investigators suspect that hundreds of crores were transferred to jewellery businesses in exchange for cash, which was subsequently distributed among various beneficiaries.
Court Proceedings and Custody
A Special PMLA court in Panchkula has granted the ED four days' custody of Kumar until June 14. Earlier, the agency had arrested Ribhav Rishi, Abhay Kumar, and Vikram Wadhwa in the same case, all of whom are currently in judicial custody. The ED stated that further investigation is underway to trace the complete money trail, identify additional beneficiaries, and locate assets allegedly acquired through the proceeds of crime.
