New Delhi, May 13 -- The Enforcement Directorate (ED), Chandigarh Zonal Office, on Tuesday said it has arrested two former employees of a private sector bank in connection with a money laundering case under the Prevention of Money Laundering Act (PMLA).
The investigation conducted so far has revealed the alleged embezzlement of public funds amounting to Rs 645 crore from bank accounts belonging to the Haryana Government, Chandigarh UT Administration, and two private schools based in Chandigarh and Panchkula that were maintained with the private bank.
Ribhav Rishi and Abhay Kumar, both former employees of IDFC First Bank,According to the ED, Ribhav Rishi and Abhay Kumar were allegedly involved in floating shell entities.
Rishi floated she...