ED arrests Chandigarh jeweller partner in Rs 645 crore IDFC First Bank case
The Enforcement Directorate said it arrested a partner of Chandigarh's Sawan Jewellers under the PMLA in the Rs 645 crore IDFC First Bank case; a special court gave ED 4 days' custody.
Key points
- The ED said it arrested a partner of M/s Sawan Jewellers, Chandigarh, on 22 October 2026 under the money-laundering law.
- According to the ED, the jeweller's account received about Rs 332 crore between November 2024 and February 2026 from entities it calls shell firms.
- These are ED allegations; a special court granted 4 days' ED custody and the ED says further investigation is under way.
The Enforcement Directorate (ED) said it has arrested a partner of M/s Sawan Jewellers, a Chandigarh jewellery firm, under the Prevention of Money Laundering Act (PMLA) in the Rs 645 crore IDFC First Bank case. According to the ED's release of 23 October 2026, the arrest was made on 22 October 2026 when he was produced before the Special Court (PMLA), which granted the agency 4 days' custody.
What Happened
The ED's Chandigarh Zonal Office-II said the case concerns an alleged embezzlement of Rs 645 crore linked to IDFC First Bank. The ED alleges that the arrested partner, who it says was in sole operational charge of the firm, conspired with the prime accused and others to misappropriate government funds belonging to various departments of the Government of Haryana and the Chandigarh Administration.
According to the ED, an analysis of the firm's bank account showed receipts of about Rs 332 crore between 6 November 2024 and 18 February 2026 from what the agency describes as shell and intermediate entities controlled by the prime accused. The ED alleges that the firm helped place and conceal the proceeds of crime, which were then mixed into its day-to-day business. The agency also said the firm's bullion purchases rose sharply after it began dealing with the prime accused.
It had earlier arrested four other accused in the same case and has attached, seized and frozen assets worth about Rs 225 crore. It has also filed a prosecution complaint, the PMLA equivalent of a chargesheet, against 14 accused before the Special Court (PMLA), Panchkula. The ED said further investigation is in progress.
These are allegations, not findings of guilt; the accused are presumed innocent until proven guilty in court, and due process continues.
What It Means
The case, as described by the ED, concerns government department funds, not money belonging to ordinary depositors, and the release does not say that any customer's account was affected. Asset attachments and seizures under the PMLA are steps to secure property during an investigation; whether the money was laundered will be decided at trial.
If you suspect a fraud involving your own bank account, you can report it at https://cybercrime.gov.in or on helpline 1930, and raise complaints about bank service through RBI's portal at https://cms.rbi.org.in.
This report describes enforcement actions and allegations on the public record, attributed to the officials cited. An order, FIR or chargesheet is not a conviction; parties are presumed innocent until proven guilty.
Named in this report, or spotted an error? Corrections and responses: editor@oquilia.com. We correct errors promptly and record responses from named parties.
Sources & Citations
- Enforcement Directorate press release — Enforcement Directorate