ED Freezes 90 Bank Accounts in Rs 597 Crore IDFC First Bank Fraud Investigation

Enforcement Directorate Freezes Rs 597 Crore in IDFC First Bank Embezzlement Scheme

On March 12, 2026, the Enforcement Directorate conducted raids at 19 premises across Chandigarh, Haryana, Punjab, and Bengaluru, resulting in the freezing of 90 bank accounts and seizure of digital and documentary evidence.

The probe, initiated under the Prevention of Money Laundering Act, 2002, targets IDFC First Bank employees Ribhav Rishi and Abhay Kumar, their families, shell companies, jewellers, and real estate developers. The investigation revealed a Rs 597 crore embezzlement scheme, involving the diversion of government funds meant to be parked as fixed deposits.

The stolen funds were routed through a web of shell entities, including Swastik Desh Projects Pvt Ltd, run by partners Swati Singla and Abhishek Singla. Investigators found that the fraud, which ran for approximately one year, involved the help of former bank insiders, including Ribhav Rishi, who allegedly used multiple shell companies to siphon funds. Some proceeds were also traced to accounts belonging to his wife, Divya Arora.

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Further investigation revealed funds flowing through Chandigarh Mega Store, whose partner Mohit Goyal was questioned and evidence seized. Other entities, including Maa Vaibhav Laxmi Interiors and SRR Planning Gurus Pvt Ltd, were also found to have directly received government funds before layering them into other shell entities still under investigation.

Key individuals involved in the embezzlement scheme include Vikram Wadhwa, a hotelier and real estate developer, who received funds directly and transferred them to real estate entities Prisma Residency LLP, Kinspire Realty LLP, and Martell Buildwell LLP. Wadhwa is reportedly absconding.