ED Arrests Sawan Jewellers Partner Rajan Singh Katodiah, Attaches Rs 225 Crore in IDFC First Bank Scam

The Enforcement Directorate arrested Rajan Singh Katodiah, a partner of Sawan Jewellers, in a case involving the alleged embezzlement of Rs 645 crore, and attached assets worth about Rs 225 crore. Zee Business reported the arrest, citing an ED press release dated October 23, 2026.

Katodiah's Arrest and the Rs 332 Crore Receipts

The Special Court under the Prevention of Money Laundering Act granted the agency four days of custody for interrogation. The ED alleged that Katodiah conspired with prime accused Ribhav Rishi and others to misappropriate government funds belonging to departments of the Haryana government and the Chandigarh Administration.

The agency said an analysis of Sawan Jewellers' bank account showed receipts of approximately Rs 332 crore between November 6, 2024, and February 2, 2026. The funds allegedly came from shell and intermediary entities and individuals, including Capco Fintech Services, Swastik Desh Projects, RS Traders, Chandigarh Mega Store, SRR Planning Gurus Pvt Ltd, Vistamed Solutions, Maa Vaibhav Laxmi Interior and Divya Arora.

The ED alleged that Katodiah, through Sawan Jewellers, helped Rishi place and conceal proceeds of crime, which were layered and used in day-to-day business to appear untainted. The investigation found that Sawan Jewellers' bullion purchases rose sharply after Katodiah met Rishi, whom the agency calls the alleged mastermind, indicating a prior meeting of minds.

The ED has arrested four other accused in the case. The agency has attached, seized and frozen movable and immovable assets worth approximately Rs 225 crore, and filed a prosecution complaint against 14 accused before the Special Court under the PMLA in Panchkula.

What akta.pro Records Show About Sawan Jewellers

According to akta.pro company records, Sawan Jewellers is, by name and .in domain, an India-based jewellery retailer, but no verifiable company information exists. Its website displays only a default Hostinger hosting placeholder page with no products, team, or operational content. The records list its headquarters in Chandigarh, a pre-revenue revenue estimate and a valuation estimate under $10 million.

Fraud Cases at Other Financial Firms

Bank of America faces regulatory and leadership pressure after more than $1.21 billion in anti-money laundering penalties and a new securities class action, Yahoo reported on October 23, 2026. The former owner of Flair Airlines and Bonza pleaded guilty to fraud, Flightglobal reported on October 16, 2026. The Central Information Commission summoned Canara Bank over a 2004 heist, New Indian Express reported on October 16, 2026.

What Comes Next in the Investigation

The ED said further investigation is underway. The Special Court under the PMLA in Panchkula has granted the agency four days of custody of Katodiah for interrogation.