Rs 590-Crore IDFC Scam Busted, Former Employees Arrested In Multi-Crore Haryana Bank Fraud After Rs 300 Crore Routed to Private Firm

IDFC First Bank Fraud Case: On Tuesday, the Haryana Vigilance Bureau arrested four people tied to the massive Rs 590-crore IDFC First Bank fraud. Two of them, Ribhav Rishi, a former branch manager, and Abhay Kumar, a former relationship manager, used to work for the bank. 

IDFC First Bank Rs 590-Crore Fraud: Four Arrested in Haryana

The other two, Swati Singla and her brother Abhishek Singla, run a partnership firm. Turns out, Swati is Kumar’s wife, and together with her brother, she owns most of a company called Swastik Desh Projects.

That company ended up at the centre of the scam, funnelling most of the stolen money and connecting all four accused through family ties. 

Investigators say Swastik Desh Projects received nearly Rs 300 crore, money that belonged mostly to Haryana government departments.

Some funds from Chandigarh’s administration also got swept up in the fraud, but not nearly as much. The Indian Express quoted ACB Director General A S Chawla confirming these details on Wednesday.

Ex-IDFC Managers Among Four Arrested

These arrests happened just days after IDFC Bank admitted that its employees and others had pulled off a Rs 590-crore fraud using accounts linked to the Haryana government.

The Anti-Corruption Bureau quickly filed an FIR, and the state government set up a committee to dig deeper. A Special Investigation Team led by senior IPS officer Ganga Ram Punia took over the case.

Ribhav Rishi used to run the bank’s Sector 32 branch until he left six months ago. Abhay Kumar, the relationship manager, resigned last August. Together, they orchestrated the scam and moved about Rs 300 crore into Swastik Desh Project’s bank account.

IDFC Bank Opens Up About The Massive Fraud

IDFC First Bank explained that some employees at the branch cleared forged documents and payment instructions, likely working with people outside the bank.

After everything came to light, IDFC First Bank said on Wednesday that it had fully repaid the Haryana government, Rs 583 crore covering the principal and interest. 

The bank stressed that it honoured every claim from the government departments involved, though the total could change as more claims come in or accounts get reconciled.

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