Jeweller Arrested in Massive IDFC Bank Fraud Case

The Haryana State Vigilance and Anti-Corruption Bureau has arrested a jeweller, Rajan Katodia, in connection with a Rs 590 crore fraud at IDFC First Bank. More than Rs 250 crore was found to be routed to Katodia's firm, Sawan Jewellers, from companies linked to the accused. Katodia allegedly facilitated cash conversions for the prime accused.

The Haryana State Vigilance and Anti-Corruption Bureau arrested jeweller Rajan Katodia on charges related to the ongoing IDFC First Bank fraud probe. Katodia, the owner of Sawan Jewellers, is implicated in a scheme where over Rs 250 crore was allegedly routed to his firm from entities associated with the accused.

In a case exposing a Rs 590 crore fraud at IDFC First Bank's Chandigarh branch, investigators claim that Katodia played a crucial role in converting cash for the prime culprits, receiving substantial commissions for his services. The funds were reportedly funneled from the Haryana government's accounts through illegal channels.

This revelation adds to a growing list of 12 arrests, including bank employees, private individuals, and government officials. Katodia will appear before a court in Panchkula as law enforcement seeks his police remand for continued investigation into this high-profile financial scandal.

(With inputs from agencies.)