The CBI on Friday filed its second chargesheet in the multi-crore IDFC First Bank and AU Small Finance Bank scam, naming two private individuals and a Chandigarh-based firm as accused for their alleged role in laundering embezzled government funds.
The chargesheet, filed before the CBI Special Court in Panchkula, names Chandigarh-based property dealer and real estate developer Vikram Wadhwa, M/s Sawan Jewellers and its owner Rajan Singh Katodian.
With the latest filing, the total number of accused in the case has risen to 18, including government officials, bank employees, private individuals and companies. The first chargesheet had named 15 accused, including three government servants, six bankers, two companies and four private individuals.
The CBI is investigating three cases transferred from Haryana and Chandigarh agencies. One case relates to alleged misappropriation of funds belonging to eight Haryana Government departments, while the other two involve Chandigarh Smart City Limited (CSCL) and the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).
According to the CBI, the fraud amounts to Rs 504 crore in the Haryana Government case and Rs 153 crore in the Chandigarh case. However, the Enforcement Directorate (ED) has pegged the total fraud at Rs 645 crore.
The agency has also filed a chargesheet in the Chandigarh Smart City Limited case before the Special CBI Court in Chandigarh against seven accused, including five bank officials, one CSCL official and one private individual.
Investigators allege that the scam was orchestrated by former IDFC First Bank branch manager Ribhav Rishi and relationship manager Abhay Kumar, who diverted government funds parked in bank accounts to shell entities under their control. The money was subsequently routed to various third parties, including jewellers and businesses.
According to the CBI, Vikram Wadhwa emerged as one of the principal beneficiaries of the diverted funds. He allegedly received Rs 70.74 crore through banking channels from entities linked to the prime accused, including Capco Fintech Services, Swastik Desh Projects, Mannat Contractor, Ribhav Rishi and his wife Divya Arora. Investigators have also alleged that Wadhwa received cash payments from Rishi and his associates.
The agency further alleged that Wadhwa purchased four high-value properties worth over Rs 40 crore during 2025-26, including properties in Chandigarh and New Chandigarh.
The investigation also found that Sawan Jewellers received more than Rs 250 crore from firms allegedly controlled by the accused. According to the State Vigilance and Anti-Corruption Bureau, Rajan Singh Katodian facilitated conversion of the diverted funds into cash, earning commissions in the process. He is also accused of recording fictitious gold sales in the names of firms linked to the accused to conceal the movement of funds.
