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The Enforcement Directorate alleges that jewellers in Chandigarh, Mohali and Panchkula received about ₹95 crore routed from shell entities linked to an alleged ₹645-crore public-funds fraud involving IDFC First Bank. The reported searches, transfers and amounts are part of an ongoing investigation; they are not findings of guilt.
How much did the jewellers allegedly receive?
Hindustan Times described the total as ₹95 crore. The Tribune’s more detailed account, published October 2, 2026, put the approximate combined receipts at ₹95.81 crore. That figure is attributed to the Enforcement Directorate’s investigation as reported by the newspaper, not established by a court.
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| Reported recipient | Approximate amount | Attribution |
|---|---|---|
| Malik Jewellers | ₹58 crore | The Tribune, October 2, 2026, reporting ED’s allegations |
| KLG Group, including KLG Jewels, KLG Infra and KLG & Co. | ₹26 crore | The Tribune, October 2, 2026, reporting ED’s allegations |
| M.B. Gold Traders | ₹5 crore | The Tribune, October 2, 2026, reporting ED’s allegations |
| Sham Jewellers | ₹3.66 crore | The Tribune, October 2, 2026, reporting ED’s allegations |
| Sunder Jewellers | ₹3.15 crore | The Tribune, October 2, 2026, reporting ED’s allegations |
The Tribune’s approximate itemised amounts add to ₹95.81 crore. Hindustan Times rounded the two smaller receipts to ₹3 crore each and the aggregate to ₹95 crore. These are reported alleged transfers, not amounts proven to have been laundered by the named businesses.
How does ED say the alleged money moved?
According to the agency’s June 11, 2026 account of the wider case, public funds were allegedly transferred from government accounts to intermediary shell entities, then layered through accused people and associated entities. The later reporting says the intermediaries included shell companies allegedly floated by Ribhav Rishi. Transfers to jewellers were allegedly presented as ordinary business payments, including payments for gold; the agency’s earlier account said jewellers allegedly provided cash against bank transfers, with commissions and further routing to accused officials also alleged.
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ED’s June release described “hundreds of crores” as transferred to jewellers, but it predates the September searches. It therefore provides context for the alleged mechanism, not confirmation of the later shop-by-shop amounts. ED said its investigation had so far revealed an alleged ₹645-crore embezzlement involving accounts of the Haryana Government, Chandigarh UT Administration and two private schools in Chandigarh and Panchkula maintained with IDFC First Bank.
What did ED seize or freeze in the searches?
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 ₹4.30 crore in cash seized and about ₹22 crore in bank balances frozen, along with documents and digital evidence. The Indian Express also reported the ₹4.30-crore seizure; Hindustan Times rounded the cash figure to ₹4 crore.
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What is the wider case, and what remains unresolved?
The alleged jeweller transfers sit within a larger case that has involved more than one agency and account set. Hindustan Times reported that discrepancies were detected in balances associated with Chandigarh Municipal Corporation and CREST, and that later reporting also described accounts associated with AU Small Finance Bank. Those descriptions should not be treated as a reconciled accounting of the ED’s ₹645-crore figure.
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There is a specific mismatch in one reported breakdown: Hindustan Times listed alleged amounts of ₹550 crore from Haryana government accounts, ₹116 crore from Chandigarh Municipal Corporation and ₹75 crore from CREST. Those rounded figures total ₹741 crore, not ₹645 crore. Without primary case records reconciling the account scope and figures, that breakdown does not establish a reliable total for the alleged loss.
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Procedural reporting is also not a determination of guilt. The Tribune reported that the CBI had filed a third chargesheet in the Special Court in Panchkula, naming five serving Haryana-cadre IAS officers and one retired IAS officer, among others. Hindustan Times and the Indian Express reported that ED had filed a prosecution complaint against 14 accused in the PMLA Special Court, that ED had earlier arrested four people, and that assets worth about ₹211 crore had been attached, seized or frozen in the wider investigation. Those are reported agency and court-process developments; the underlying filings and orders were not reviewed here, and no court finding against the named jewellers was established by the reports cited.
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Key dates in the investigation
- February 2026: News reports said discrepancies in Haryana Development and Panchayat Department accounts at IDFC First Bank and AU Small Finance Bank surfaced, followed by a Haryana Police FIR.
- June 11, 2026: ED issued a release about the June 10 arrest of then-superintendent Naresh Kumar and described its alleged ₹645-crore scheme and shell-company route.
- September 29, 2026: The Tribune reported searches at 14 premises across Chandigarh, Mohali and Panchkula.
- October 2–3, 2026: The Tribune, Hindustan Times and Indian Express published accounts of the alleged jeweller receipts and search results.
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