New Delhi : The Enforcement Directorate (ED) has arrested two former employees of IDFC First Bank in connection with an alleged ₹645 crore misappropriation of public funds linked to accounts belonging to the Haryana government and the Chandigarh administration.
According to officials, the accused — Ribhav Rishi and Abhay Kumar — were arrested by the Chandigarh zonal office of the ED under the Prevention of Money Laundering Act (PMLA). A special PMLA court has remanded both of them to ED custody for 10 days till May 21.
Investigators said the fraud involved diversion of funds from accounts associated with two private schools. The ED alleged that hundreds of crores of rupees were illegally siphoned off from multiple government-linked accounts through shell companies before being layered and transferred across several channels to conceal the money trail.
Officials are continuing the investigation to trace the flow of funds and identify others who may have been involved in the alleged financial fraud.
