Chandigarh: The Enforcement Directorate (ED) has arrested Rajan Singh Katoudia, a Chandigarh-based jeweller, in connection with an alleged multi-crore fraud involving IDFC First Bank and AU Small Finance Bank.
Katoudia, a partner at Sawan Jewellers in the inner market of Sector 35-C, was arrested after being produced before a special court under the Prevention of Money Laundering Act (PMLA) on October 22. On Thursday, a special court in Panchkula remanded him to four days of ED custody.
The case involves the alleged misappropriation of ₹645 crore belonging to various Haryana government departments and the Chandigarh administration.
According to the ED, Katoudia, described as an active managing partner of Sawan Jewellers, allegedly conspired with Ribhav Rishi, the prime accused in the case, and others.
The agency said an analysis of the firm’s bank account showed that approximately ₹332 crore was credited between November 6, 2024, and February 18, 2026.
The investigation is ongoing, and the allegations against Katoudia remain to be established in court.
