Revealing the money trail in the IDFC First Bank and AU Small Finance Bank scam, the Enforcement Directorate (ED) told a Panchkula court on Monday that the mastermind, former branch manager of IDFC First Bank, Ribhav Rishi, siphoned off Rs 570.82 crore through three firms.In one firm, he made his driver, Hemraj, a proprietor; in the second, Hemraj’s wife, Sapna, and his personal assistant, Bhupinder Singh, were partners; and in the third, his mother, Kamlesh Kumari, and a chartered accountant, Ankur Sharma, were directors.ED pegged the quantum of fraud at Rs 645.59 crore. Not just the Haryana Government departments, Municipal Corporation, Chandigarh, and Chandigarh Renewable Energy and Science and Tech Promotion Society (CREST), the accused did not even spare two private schools of Panchkula.The relationship manager at IDFC First Bank, Abhay Kumar, siphoned off Rs 203.50 crore through M/s Swastik Desh Projects, which was opened in the names of his wife, Swati Singla, and brother-in-law, Abhishek Singla.The special court under PMLA, Panchkula, on Monday sent both Ribhav Rishi and Abhay Kumar to 10 days’ ED custody while allowing their advocates to meet them for an hour daily.Role of branch manager Ribhav RishiAccording to ED, government department funds were required to be maintained in FDRs; however, these FDRs were never created. Instead, forged FDRs were misrepresented to the concerned departments, while the corresponding funds were simultaneously siphoned off through transfers to various entities and individuals, including shell entities, through a complex web of transactions, said ED.Mastermind Ribhav Rishi worked as a branch manager in IDFC First Bank, Sector 32, Chandigarh, from April 21, 2023, to August 5, 2025. He allegedly incorporated the shell entities in the names of his employees and relatives. Funds from government department accounts were diverted into these shell entities. The funds were thereafter transferred to various third parties, and cash was collected from them in lieu of such bank transfers, said ED. This cash was further distributed to people in Chandigarh, Mohali, and Panchkula.Rishi created M/s Capco Fintech Services in the name of dummy partners, personal assistant Bhupinder Singh, and the driver’s wife Sapna. The registered mobile numbers on the accounts of this shell entity at IDFC Bank and Yes Bank belonged to him, which established that he was operating and controlling them, said ED. The firm allegedly received Rs 471.69 crore directly from government departments’ accounts, and also from the Panchkula-based DC Model Senior Secondary School and DC Montessori School.Bhupinder told ED that Rishi had employed him as his personal assistant in October 2023. Rishi allegedly lured him by offering an additional fixed monthly amount if he opened a firm in his name. Capco Fintech didn’t have any office, either at its registered address or anywhere else. Bhupinder allegedly used to sign blank cheques and RTGS forms, then hand them over to Rishi. He also used to collect and deliver cash as per Rishi’s directions.The majority of funds in Capco Fintech were transferred to jewellers such as Sawan Jewellers, Malik Jewellers, and KLG Jewellers, etc.Bhupinder also revealed to ED that, after the funds were transferred to the third parties, the cash was subsequently collected from them at Rishi’s direction.Along with Bhupinder, others involved in cash collection were Rahul Kumar, Manish Kumar, Amritpal Singh, and Gurpreet Singh, all employed by Rishi.The cash was then delivered to various individuals across Chandigarh, Mohali, and Panchkula.The second partner at Capco Fintech, Sapna, claimed before ED that Rishi lured her husband into opening an LIC policy in her name and took her identity documents and photographs. She also claimed she was unaware that she was a partner at Capco Fintech. She stated she was illiterate.Rishi further created M/s RS Traders in his driver Hemraj’s name.In September 2023, Hemraj had provided his KYC documents to Rishi on the pretext of opening an LIC policy. Though he admitted to putting his signature on bank documents, blank cheques, and RTGS forms in bulk at Rishi’s direction.M/s RS Traders allegedly received Rs 43.80 crore-Rs 23.07 crore from Haryana School Shiksha Pariyojana Parishad (HSSPP), Rs 16.23 crore from Chandigarh Smart City Limited, and Rs 4.5 crore from CREST.M/s SRR Planning Gurus allegedly received Rs 55.33 crore. It was incorporated in July 2024, where Rishi’s mother, Kamlesh Rishi, and Ankur Sharma were directors.It had an office at Industrial Area, Phase-2, Chandigarh. It was allegedly used to bring cash after collection and thereafter to be distributed to individuals across Chandigarh, Mohali, and Panchkula, as per Rishi’s direction.Ankur Sharma’s wife told ED that Rishi used to control transactions of SRR Planning Gurus through her husband.Rishi and his wife, Divya Arora, allegedly received Rs 34.22 crore from various shell entities involved in the scam.Role of Relationship Manager Abhay Kumar  Accused Abhay Kumar served as a relationship manager at IDFC First Bank in Sector 32, Chandigarh, until June 10, 2025.He operated a shell entity, M/s Swastik Desh Projects, through his family members. It was a partnership firm where Abhay Kumar’s wife, Swati Singla, with 75 per cent share, and brother-in-law, Abhishek Singla, with 25 per cent share, were partners.M/s Swastik Desh Projects received Rs 203.50 crore, diverted from the bank accounts of various departments of Haryana. It also received Rs 70.26 crore from Haryana State Pollution Control Board (HSPCB), Rs 38.47 crore from the Municipal Corporation, Panchkula, Rs 31.04 crore from Haryana Rural Development Fund Administration Board, Rs 27.46 crore from HSSPP, Rs 15.50 crore from Haryana Labour Welfare Board, Rs 10.39 crore from CREST, and Rs 9.93 crore from HPGCL Employees Pension Fund Trust.The funds received in Swastik Desh Projects were subsequently transferred to various third parties, including jewellers. Thereafter, cash was received from them. It was further delivered to various individuals in the Chandigarh-Panchkula-Mohali Tricity.Abhay Kumar, his wife Swati, brother-in-law Abhishek, and father Devinder Lal allegedly received Rs 11.22 crore.Departments that sufferedAccording to ED, 11 government departments in Haryana and Chandigarh, and two schools suffered a loss of Rs 645.59 crore at the hands of the accused.A total of Rs 169.27 was embezzled from HSPCB, Rs 50 crore from HPGCL, Rs 10 crore from Haryana State Agricultural Marketing Board (HSAMB), Rs 80 crore from Municipal Corporation, Panchkula, Rs 48.72 crore from Haryana Rural Development Fund Administration Board. Rs 53.86 crore from HSSPP, Rs 18.10 crore from Municipal Council, Kalka, Rs 50 crore from Haryana Labour Welfare Board, Rs 82.02 crore from CREST, Rs 73.50 crore from Municipal Corporation, Chandigarh, Rs 7.80 crore from DC Model Senior Secondary School, Rs 1.99 crore from DC Montessori School, and Rs 32.80 lakh more from another account of HSPCB.