ED Arrests Sawan Jewellers Partner in Rs 645-Crore IDFC First Bank Scamਈਡੀ ਨੇ ਸਾਵਨ ਜਿਊਲਰਜ਼ ਦੇ ਸਾਝੀਦਾਰ ਨੂੰ 645 ਕਰੋੜ ਦੇ ਆਈਡੀਐਫਸੀ ਘੁਟਾਲੇ ਵਿੱਚ ਗ੍ਰਿਫ਼ਤਾਰ ਕੀਤਾ

The Enforcement Directorate has arrested Rajan Singh Katodia, a partner of the Chandigarh jewellery firm Sawan Jewellers, in connection with the Rs 645-crore IDFC First Bank scam, The Indian Express reported on Saturday, citing the agency's statement issued on Friday. The case involves the alleged misappropriation of government funds belonging to various departments of the Haryana government and the Chandigarh administration. Jugti reported earlier this month that the ED had searched jewellers in this same probe and seized Rs 4.3 crore in cash.

Arrested in Chandigarh, four days of custody

Katodia was arrested on Thursday by the ED's Chandigarh Zonal Office-II and produced before a special court under the Prevention of Money Laundering Act, which granted the agency four days of custody for further questioning. According to the ED, Katodia was the active managing partner and sole operational in-charge of Sawan Jewellers, which is located in Sector 35-C, Chandigarh. The agency alleges that he conspired with the main accused, Ribhav Rishi, and others to misuse public money.

Rs 332 crore through the firm's accounts, ED says

Investigators found that between November 6, 2024, and February 18, 2026, bank accounts linked to the jewellery firm received around Rs 332 crore from several fake and intermediary entities allegedly controlled by Rishi. The entities named by the ED include Capco Fintech Services, Swastik Desh Projects, RS Traders, Chandigarh Mega Store, SRR Planning Gurus Private Limited, Vistamed Solutions, Maa Vaibhav Lakshmi Interior, and a firm linked to Divya Arora, the wife of Ribhav Rishi. The agency alleges Katodia helped conceal and deposit the proceeds of crime routed through Sawan Jewellers, after which the money was moved through multiple layers of business transactions and integrated into the company's daily operations so it appeared to be legitimate income.

Gold purchases and the wider case

The probe also found a sharp rise in gold purchases by the jeweller after it established ties with Rishi, a pattern the ED says points to a prearranged understanding among the accused to launder illicit income. Before this arrest, the agency had arrested four other accused in the case. Assets worth about Rs 225 crore, including movable and immovable properties, have been attached, seized or frozen so far, and the ED has filed a chargesheet against 14 accused before the special PMLA court in Panchkula. The investigation is continuing. The allegations are the agency's claims at this stage and are yet to be decided by a court.

Who has the ED arrested in the IDFC First Bank case?

The latest arrest is Rajan Singh Katodia, the active managing partner of Sawan Jewellers in Sector 35-C, Chandigarh. Four other accused were arrested earlier in the same investigation.

How much money is involved in the case?

The scam is estimated at Rs 645 crore of government funds. The ED says about Rs 332 crore passed through accounts linked to Sawan Jewellers, and assets worth about Rs 225 crore have been attached, seized or frozen so far.

What happens next in the case?

A special PMLA court has given the ED four days of custody of Katodia for questioning. A chargesheet against 14 accused is already before the special PMLA court in Panchkula, and the agency says its investigation is continuing.