The Haryana State Vigilance and Anti-Corruption Bureau (ACB) arrested Rajan Katodia, owner of Sawan Jewellers, on Saturday, March 14, 2026, in connection with a Rs590 crore fraud case involving IDFC First Bank. Investigators found that more than Rs250 crore had been routed to his firm from companies linked to the accused.
The official statement issued in Panchkula said that with Katodia’s arrest, the total number of arrests in the case has reached 12, including six bank employees, four private individuals, and one government official.
The case concerns fraudulent transactions at the Chandigarh branch of IDFC First Bank, where government accounts were used to transfer funds illegally to certain private companies. Preliminary investigations revealed that Katodia allegedly facilitated cash conversion services for the prime accused and received a hefty commission in return.
Authorities said that the accused falsely recorded gold sales to these firms in their books. Katodia reportedly played a pivotal role in planning and executing the fraud, contributing actively as part of a premeditated scheme.
Investigators also revealed that Sawan Jewellers received funds through unauthorized channels from entities such as Cap Co Fintech Services, SRR Planning Gurus Pvt Ltd, and Swastik Desh Project, among others.
Katodia is set to be produced before a court in Panchkula, where police will seek a remand for further interrogation.
