ED Arrests Two Former IDFC First Bank Employees in Rs 645 Crore Money Laundering Case

The Enforcement Directorate (ED) Chandigarh Zonal Office apprehended two key accused in connection with an ongoing investigation in a money laundering case under the Prevention of Money Laundering Act (PMLA) 2002.

The two accused have been identified as Ribhav Rishi and Abhay Kumar; both are former employees of IDFC First Bank. The arrest took place under Section 19 of the PMLA 2002 on May 11, 2026. Subsequently, both accused were produced before the Special PMLA Court, where they have been granted 10 days of ED custody until May 21, 2026.

The investigation in the present matter has revealed that approximately Rs. 645 crore in public funds was misappropriated from the bank accounts of the Haryana government, the Chandigarh UT administration, and two private schools established in Chandigarh and Panchkula. These bank accounts were maintained with the IDFC First Bank.

Among the two accused, Ribhav Rishi had allegedly created two bogus companies, M/s Capco Fintech Services and M/s R S Trader, in the name of his personal assistant and driver. In a similar manner, Abhay Kumar had also formed a shell company named M/s Swastik Desh Projects in the name of his wife and brother-in-law. These bogus companies have collectively contributed to the receipt of hundreds of crores of rupees directly from diverted government and school funds.

The investigation agency further exposed that the fund was allegedly layered and transferred through multiple channels in order to hide its initial source. Presently, officials are trying to trace the complete money trail and identify other beneficiaries as well as assets purchased using the suspected proceeds of crime.

Further investigation into the present matter is ongoing.