Jeweller arrested in IDFC First Bank fraud case in Haryana; 12th arrest

The Haryana State Vigilance and Anti-Corruption Bureau (ACB) on Saturday, March 14, 2026, arrested a jeweler in connection with the IDFC First Bank fraud case and investigators found that more than ₹250 million was transferred to his firm from companies linked to the accused.

In the official statement made in Panchkula, it was stated that Rajan Katodia, the owner of Sawan Jewelers, was arrested as part of the ongoing investigation and with this, the total number of arrests in the case reached 12.

The case relates to private lender IDFC First Bank, which exposed a fraud worth Rs 590 crore involving some employees of its Chandigarh branch and others in a series of accounts held by the Haryana government.

Investigations revealed that an amount in excess of ₹ 250 crore was received by Sawan Jewelers from various companies and firms linked to the accused, including Ribhav Rishi, Abhay Kumar, Abhishek Singla and Swati Singla.

In the statement, it was stated that “funds were transferred to these companies/firms illegally from government accounts.”

Preliminary investigation also alleged that Katodia facilitated cash conversion services for the prime accused and received a hefty commission in return.

“The accused had mistakenly recorded the sale of gold items to these firms/companies in his books. The accused Rajan played a pivotal role in uncovering the conspiracy right from the inception of the fraud and actively contributed to the commission of the crime as part of a pre-conceived plan.” he said.

The accused will be produced before a court in Panchkula and police remand will be sought for further interrogation.

The investigation also revealed that Sawan Jewelers received funds through unauthorized channels from entities such as Cap Co Fintech Services, SRR Planning Gurus Pvt Ltd and Swastik Desh Project.

Earlier, 11 defendants, including six bank employees, four private individuals and one government official, were arrested in connection with the case.