ED Files First PMLA Prosecution Complaint in ₹593-Crore Bank Fraud, 14 Accused Named
In a major development in the ₹593-crore Haryana government-linked bank fraud case, the Enforcement Directorate (ED) has filed its first prosecution complaint under the Prevention of Money Laundering Act (PMLA), naming 14 individuals and business entities allegedly involved in laundering the proceeds of the massive financial fraud. The complaint was presented before the Special PMLA Court in Panchkula, marking the first formal money laundering prosecution arising from the high-profile case.
The Special Court, presided over by Judge Vijayant Sehgal, deferred scrutiny of the prosecution complaint after noting that the records run into thousands of pages. The matter has now been listed for August 4, when the court will examine the complaint in detail and also await prosecution sanction against one of the accused before proceeding further. Four arrested accused, presently in judicial custody, have been directed to appear through video conferencing on the next date of hearing.
According to the ED, the complaint names former IDFC First Bank employees Ribhav Rishi and Abhay Kumar, real estate businessman Vikram Wadhwa, former Haryana Panchayat Department Superintendent Naresh Kumar, along with several other individuals including Swati Singla, Abhishek Singla, Divya Arora, Manoj Kumar Sharma and Ankur Sharma. Four business entities—Capco Fintech Services Partnership Firm, RS Traders, SRR Planning Gurus Pvt. Ltd., and Swastik Desh Projects Partnership Firm—have also been arraigned as accused in the money laundering case.
The ED has informed the court that assets worth approximately ₹200.8 crore, believed to represent proceeds of crime, have already been attached during the investigation. The agency alleges that the accused orchestrated a complex laundering operation after siphoning public funds through fraudulent banking transactions involving government-linked accounts maintained with IDFC First Bank and AU Small Finance Bank.
The alleged fraud first surfaced after discrepancies were detected in accounts associated with Haryana government departments. Investigators alleged that forged financial instruments and unauthorized banking transactions were used to divert hundreds of crores from government-linked accounts into private entities. The case triggered multiple investigations by state agencies before the ED initiated its money laundering probe under the PMLA.
The filing of the prosecution complaint marks a significant milestone in the ED’s investigation, as the agency now seeks to establish the laundering trail and secure criminal liability against those accused of benefiting from or facilitating the movement of illicit funds. If the Special Court takes cognisance of the complaint, the case will move into the trial stage under the PMLA, alongside the ongoing investigations into the underlying bank fraud and related criminal offences.
