Chandigarh jeweler arrested for role in IDFC bank fraud
Rajan Katodia, who owns Sawan Jewellers in Chandigarh, was arrested in March 2026 for allegedly helping run a massive ₹590 crore fraud at an IDFC First Bank branch in Chandigarh.
He was arrested in connection with allegations that include conversion of funds, bogus gold-sale billing and siphoning of government money; suspects in the probe have been booked under anti-corruption and related penal provisions, making him the 14th person held in this ongoing case.
Katodia charged hefty commissions along the way
Authorities say over ₹250 crore from Haryana government departments was funneled through fake companies and turned into cash using bogus gold sales bills.
Katodia reportedly worked closely with former bank employees to move the money through several accounts and charged hefty commissions along the way.
The Anti-Corruption Bureau is now digging deeper to uncover everyone involved and just how far this network goes.