Chandigarh: The Central Bureau of Investigation (CBI) has arrested Chandigarh-based businessman Mohit Goyal for his alleged role in routing Rs 2 crore in cash to the son of Haryana IAS officer R.K. Singh through a hawala channel, as part of its investigation into the alleged Rs 504-crore IDFC First Bank fraud case.
According to the investigating agency, the money was allegedly arranged on January 22, 2026, and reached the officer’s son in Delhi the same evening. The CBI suspects that the cash originated from government funds allegedly diverted from the Kalka Municipal Council.
Goyal, who owns Chandigarh Mega Store and is associated with Bhagwati Agencies, was arrested after investigators examined transactions involving firms allegedly linked to former IDFC First Bank branch manager Ribhav Rishi.
The agency is now seeking to establish the complete chain of the cash movement, identify those who arranged and delivered the money, and determine whether similar arrangements were made for other public servants.
CBI Examines Alleged Rs 59.50 Crore Fund Transfers
The investigation has traced substantial transactions between firms allegedly linked to Rishi and businesses associated with Goyal.
According to the CBI, M/s RS Traders and M/s CAPCO Fintech Services allegedly transferred a total of Rs 59.50 crore to Goyal and his firms between October 11, 2023, and January 28, 2026.
Investigators allege that the transactions formed part of a wider arrangement to divert public funds through banking channels and subsequently return a substantial portion in cash.
The agency has alleged that Rishi played a central role in facilitating the transactions through accounts associated with the firms and that Goyal permitted the use of his business accounts to move the money.
Key Financial Transactions Under Investigation
- Rs 59.50 crore: The total amount allegedly transferred to Goyal and his firms by the accused entities.
- Rs 14.05 crore: The amount allegedly returned through banking channels.
- Rs 45.45 crore: The remaining amount that Goyal allegedly returned in cash.
- Rs 2 crore: The cash allegedly arranged and routed through hawala channels to the IAS officer’s son on January 22, 2026.
The figures form part of the CBI’s allegations and remain subject to investigation and judicial proceedings.
CBI Alleges Business Account Was Used to Move Funds
The CBI has alleged that Goyal allowed the account of Chandigarh Mega Store to be used by the suspected network and signed blank cheques whenever instructed.
Of the Rs 58.68 crore that the agency says the store received from the accused entities, approximately Rs 54.04 crore was allegedly transferred to various individuals and jewellers on Rishi’s instructions.
Investigators have alleged that these payments were made without corresponding purchases of goods or jewellery.
The recipients identified in the investigation reportedly include:
- 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
- Bharat Distributor and Jatin Bansal: Rs 1.05 crore
The agency is examining these transactions to determine how the funds moved through the network and whether the transfers had any legitimate commercial basis.
CBI Seeks to Establish Complete Hawala Trail
According to the CBI, Goyal allegedly arranged Rs 2 crore in cash through his store and contacts on Rishi’s instructions. The amount was then routed through a hawala channel and allegedly delivered to Singh’s son in Delhi.
The agency has described the alleged movement of money as a rapid transfer of siphoned public funds to a person connected to a public servant.
Explaining the alleged transaction, 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”.
Investigators are seeking to reconstruct the sequence of transactions, identify the people who supplied and collected the cash, and determine how the alleged Rs 45.45 crore cash return was handled.
The CBI is also examining whether Goyal’s alleged role extended to arranging cash payments for other public servants.
IAS Officer R.K. Singh Was Arrested in June
The case concerns allegations of the diversion of public funds belonging to the Panchkula Municipal Corporation and Kalka Municipal Council, among other financial transactions under investigation.
The CBI has alleged that R.K. Singh (IAS: 2012: Haryana), conspired with bankers and other accused to facilitate the alleged misappropriation. Singh was arrested in June and subsequently suspended.
The allegations against the officer and the other accused remain subject to legal proceedings. The investigation is continuing to establish the roles of the individuals and businesses allegedly involved in the transactions.
Three Other Accused Also Arrested
Alongside Goyal, the CBI arrested chartered accountant Siddharath Narula and two other accused, Gaurav Kansal and Manoj, on Monday.
The accused were produced before a court, where the agency sought custodial interrogation to investigate the financial transactions and the alleged cash movement.
The court granted three days of police custody to Goyal, allowing investigators to question him about the handling of the alleged cash returns, the people involved in collecting the money, and the arrangements surrounding the January 22 transaction.
The CBI’s next steps include tracing the complete financial trail, examining the role of the suspected intermediaries, and determining whether the alleged cash-routing mechanism was used in other transactions connected to the wider bank fraud investigation.
