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The Enforcement Directorate (ED) alleges that jewellers in Chandigarh, Mohali and Panchkula received about ₹95 crore from shell entities linked to an alleged ₹645-crore public-funds fraud involving IDFC First Bank. The Tribune reported a more detailed total of approximately ₹95.81 crore. These are allegations in an ongoing investigation, not findings of guilt.
How much did the jewellers allegedly receive?
The Tribune reported on October 2, 2026, that ED’s investigation attributed the following approximate receipts to five jewellers and business groups. The agency alleges that the money came through intermediary shell entities allegedly floated by Ribhav Rishi.
| Reported recipient | Approximate amount |
|---|---|
| Malik Jewellers | ₹58 crore |
| KLG Group, including KLG Jewels, KLG Infra and KLG & Co. | ₹26 crore |
| M.B. Gold Traders | ₹5 crore |
| Sham Jewellers | ₹3.66 crore |
| Sunder Jewellers | ₹3.15 crore |
| Total reported by The Tribune | ₹95.81 crore |
Hindustan Times used the rounded headline figure of ₹95 crore and rounded the two smaller amounts to ₹3 crore each. The figures are reported allegations attributed to ED’s investigation; they are not court-established receipts or a finding that the businesses committed a crime.
How does ED say the money moved?
ED’s June 11, 2026, account of the wider case describes an alleged route from public accounts into intermediary shell companies, followed by transfers through accused people and associated entities. In the jeweller-related allegations, transactions were said to have been presented as ordinary commercial dealings, including gold purchases. The agency alleges that cash was returned or proceeds routed onward to accused officials after commissions.
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In its June release, ED said shell entities received funds directly from government accounts and that “hundreds of crores” were transferred to jewellers who allegedly provided cash against the bank transactions. That earlier agency account describes the alleged mechanism; it does not independently confirm the later outlet-by-outlet amounts.
What did the searches uncover?
The Tribune reported that ED’s Chandigarh office searched 14 premises linked to jewellers and associates in Chandigarh, Mohali and Panchkula on September 29, 2026. It reported that the searches yielded ₹4.30 crore in cash and that bank balances of about ₹22 crore were frozen, along with documents and digital evidence. The Indian Express also reported ₹4.30 crore seized; Hindustan Times rounded the cash figure to ₹4 crore.
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Hindustan Times and the Indian Express reported that, across the wider investigation, ED had attached, seized or frozen assets worth approximately ₹211 crore as of their October 3, 2026, coverage. That is a separate, broader case figure, not the amount seized in the September searches alone.
What is the wider IDFC First Bank case?
In a press release dated June 11, 2026, ED said its investigation had so far revealed alleged embezzlement of ₹645 crore from accounts of the Haryana Government, Chandigarh UT Administration and two private schools in Chandigarh and Panchkula maintained with IDFC First Bank. The release followed the June 10 arrest of then-superintendent Naresh Kumar and described the agency’s account of the alleged shell-company route.
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Later news reports also refer to accounts associated with AU Small Finance Bank and to missing balances detected by Chandigarh Municipal Corporation and CREST. Hindustan Times reported component figures for Haryana government accounts, Chandigarh Municipal Corporation and CREST that add up to ₹741 crore, not the ₹645-crore total ED gave in its June release. Those figures do not reconcile in the reporting, so they should not be treated as a settled breakdown of the case total.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Where does the investigation stand?
As reported by The Tribune, CBI had filed a third chargesheet before the Special Court in Panchkula, naming five serving Haryana-cadre IAS officers, a retired IAS officer and other government servants. Hindustan Times reported that ED had filed a prosecution complaint against 14 accused in the PMLA Special Court and that four people had earlier been arrested by ED. These are reported investigative and court-filing steps, not proof of guilt.
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The reports on the jeweller searches describe an ongoing investigation and do not report a court finding against the named jewellers. ED’s June 11 release said: “Further investigation is under progress.”
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Key dates in the reported case
- February 2026: News reports said discrepancies in Haryana Development and Panchayat Department account balances maintained with IDFC First Bank and AU Small Finance Bank surfaced, after which Haryana police registered an FIR.
- June 11, 2026: ED published its account of the alleged ₹645-crore embezzlement and the June 10 arrest of then-superintendent Naresh Kumar.
- September 29, 2026: The Tribune reported searches at 14 premises in Chandigarh, Mohali and Panchkula.
- October 2–3, 2026: The Tribune, Hindustan Times and the Indian Express reported the alleged jeweller receipts and search results.
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