ED freezes 90 bank accounts in raids at 19 places across Haryana, Chandigarh, Punjab, Bengaluru in ₹597 crore money laundering case

Core Viewpoint - The Enforcement Directorate (ED) has frozen 90 bank accounts and seized incriminating evidence during searches related to a significant embezzlement case involving ₹597 crore of public funds linked to the IDFC First Bank Scam [1][2]. Group 1: Investigation Details - The investigation is focused on the embezzlement of ₹597 crore, which was intended to be kept as a fixed deposit with IDFC First Bank but was diverted without authorization by the accused [2][3]. - The search operations targeted former bank employees and their associates, including shell entities such as Swastik Desh Projects and Capco Fintech Services, as well as various jewellers and real estate developers [3][4]. Group 2: Modus Operandi - The accused utilized shell entities to siphon off government funds, with a significant portion initially diverted to Swastik Desh Projects Pvt Ltd, which was incorporated for this purpose [4]. - Funds were further laundered through jewellers to create a facade of legitimate gold purchases via bogus billing [4][5]. Group 3: Key Individuals Involved - Ribhav Rishi, a former employee of IDFC First Bank, played a crucial role in the scam and resigned in June 2025; he and his family members received proceeds from the crime [5]. - Vikram Wadhwa, a hotelier and real estate developer, directly received embezzled funds and transferred them to various real estate entities, but has been absconding since the fraud was uncovered [5][6]. Group 4: Additional Findings - The investigation revealed that Chandigarh Mega Store and its partners were also involved in siphoning off funds, with evidence recovered during the searches [6]. - Other entities, including Maa Vaibhav Laxmi Interiors and SRR Planning Gurus Private Ltd, were found to have directly received government funds and subsequently laundered them through shell companies [6].