From bank accounts to hawala: CBI traces Rs 2-crore trail to IAS officer’s son

According to the CBI, the recipients included Sawan Jewellers (Rs 5.99 crore), M B Gold (Rs 4.59 crore), Sham Jeweller (Rs 3.62 crore), Nitin Singla and Anita Enterprises (Rs 2.79 crore), Vintage Home (Rs 2.29 crore), and Bharat Distributor and Jatin Bansal (Rs 1.05 crore). (Source: File/ Representational)

Amid the ongoing investigation into the Rs 504-crore IDFC First Bank fraud case, the Central Bureau of Investigation (CBI) has arrested Chandigarh-based businessman Mohit Goyal for allegedly facilitating the arrangement and routing of Rs 2 crore in cash to the son of Haryana IAS officer R K Singh on January 22 through a hawala channel.

Goyal, owner of M/s Chandigarh Mega Store, was arrested on Monday.

The CBI has alleged that Singh conspired with bankers and other accused to illegally misappropriate funds belonging to the Panchkula Municipal Corporation and Kalka Municipal Council. The officer was arrested in June and subsequently suspended.

According to the CBI, the investigation revealed that Goyal knew that M/s RS Traders and M/s CAPCO Fintech Services belonged to Ribhav Rishi, the IDFC First Bank branch manager who had helped open Goyal’s store account at the bank. Investigators alleged that Rishi played a central role in facilitating the diversion of government funds through fraudulent banking transactions and shell companies.

Between October 11, 2023, and January 28, 2026, the accused firms allegedly transferred Rs 59.50 crore to Goyal and his firms, Chandigarh Mega Store and Bhagwati Agencies. The CBI further alleged that Goyal received Rs 59.50 crore through banking transactions, returned Rs 14.05 crore through banking channels, and handed back the remaining Rs 45.45 crore in cash.

On January 22, 2026, Goyal allegedly arranged Rs 2 crore in cash through his store and contacts on Rishi’s instructions. The money was routed through a hawala channel and allegedly reached the IAS officer Singh’s son in Delhi that evening. Investigators alleged that the money originated from government funds siphoned off from the Municipal Council, Kalka, and reached the officer’s son within 48 hours.

Explaining Goyal’s alleged role, the CBI stated: “The siphoned government money of MC (Municipal Council) Kalka thus reached a public servant within 48 hours, in cash generated through him and his network”.

Story continues below this ad

The CBI further alleged that Goyal allowed the syndicate to use the bank account of his firm, Chandigarh Mega Store, and signed blank cheques whenever instructed. Of the Rs 58.68 crore received by his firm from the accused entities, Goyal allegedly transferred around Rs 54.04 crore to various individuals and jewellers on Rishi’s instructions, without purchasing any goods or jewellery from them.

According to the CBI, the recipients included Sawan Jewellers (Rs 5.99 crore), M B Gold (Rs 4.59 crore), Sham Jeweller (Rs 3.62 crore), Nitin Singla and Anita Enterprises (Rs 2.79 crore), Vintage Home (Rs 2.29 crore), and Bharat Distributor and Jatin Bansal (Rs 1.05 crore).

When Goyal was produced before a court on Monday, the CBI sought three days of custody to ascertain how the Rs 45.45 crore allegedly returned in cash was handled, including the dates of the transactions, the persons who collected the money, and those from whom he arranged the cash.

The investigators also seek to trace the entire chain of the Rs 2-crore cash transaction on January 22, 2026, identify those involved in arranging the money, and determine whether Goyal had arranged cash for any other public servant.

Story continues below this ad

Following the CBI’s request, the court remanded Goyal in three days of police custody. Chartered accountant Siddharath Narula and two other accused, Gaurav Kansal and Manoj, were also arrested on Monday and remanded in three days of CBI custody.