The Haryana State Vigilance and Anti-Corruption Bureau (ACB) has arrested a jeweller named Rajan Katodia, who owns Sawan Jewellers, in connection with the fraud case involving IDFC First Bank.
Investigators found that more than ₹250 crore was transferred to the jeweller’s company from several companies linked to the people accused in the scam. These companies were allegedly receiving money that was illegally taken from government bank accounts. Because of this suspicious money transfer, the agency arrested the jeweller on March 14, 2026.
According to the investigation, Rajan Katodia allegedly helped convert the fraud money into cash and received a large commission for it. To hide the illegal money, his jewellery business falsely showed that gold had been sold to certain companies, even though those transactions were not real. Officials say he played an important role in planning and carrying out the fraud. He will now be presented in a court in Panchkula, and police will ask for custody so they can question him further.
Earlier, 11 people had already been arrested, including six bank employees, four private individuals, and one government officer. The investigation is still ongoing to find out how the fraud was carried out and who else was involved.
