{
  "id": 16276702,
  "title": "ED arrests Chandigarh jeweller’s partner Katodia in Rs 645-crore IDFC First Bank scam",
  "url": "https://urgent.news/2026/10/24/ed-arrests-chandigarh-jewellers-partner-katodia-in-rs-645-crore-idfc",
  "topic": "world",
  "section": "World",
  "published": "2026-10-24T04:22:47.000Z",
  "source": {
    "name": "The Indian Express",
    "slug": "the-indian-express",
    "url": "https://indianexpress.com/article/cities/chandigarh/ed-arrests-chandigarh-jewellers-partner-katodia-in-rs-645-crore-idfc-first-bank-scam-10934692/"
  },
  "original_language": "en",
  "account": "The Enforcement Directorate (ED) has arrested Rajan Singh Katodia, a partner in Sawan Jewellers, in connection with a Rs 645 crore IDFC First Bank scandal. Katodia, who held sole operational control of Sawan Jewellers in Chandigarh, was formally charged and held for four days in ED custody, as per the agency's report. The ED alleged that Katodia conspired with former IDFC First Bank branch manager Ribhav Rishi and several others to misuse Haryana government and Chandigarh Administration funds. An examination of Sawan Jewellers' bank accounts revealed approximately Rs 2,332 crore received between November 2024 and February 2026 from various entities and individuals. According to the ED, Ribhav Rishi, the alleged mastermind, controlled these entities and individuals. Katodia allegedly helped Rishi conceal the proceeds of crime by layering the funds through complex transactions, making them appear legitimate for day-to-day business operations. The ED also seized and frozen assets worth about Rs 7,225 crore in relation to the investigation. Four other accused have already been arrested and a prosecution complaint has been filed against 14 individuals in the Special PMLA Court in Panchkula.",
  "summary": null,
  "key_points": [
    "ED arrests Rajan Singh Katodia in Rs 645-crore IDFC First Bank scam",
    "Katodia conspired with Ribhav Rishi to misuse Haryana funds",
    "Assets worth Rs 7,225 crore seized in investigation"
  ],
  "editors_take": "The arrest of a key business partner signals an intensifying crackdown on the complex layering schemes used to disguise the misuse of government funds as legitimate commercial transactions.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}