Major Banking Fraud Comes to Light
A large financial fraud involving nearly ₹590 crore has been uncovered at a private bank branch in Chandigarh.
Investigators say former bank employees allegedly diverted funds linked to Haryana government departments into accounts connected to their relatives.
The Anti-Corruption Bureau (ACB) has arrested four people in connection with the case:
former branch manager Ribhav Rishi
former relationship manager Abhay
Swati Singla (wife of the branch manager)
Abhishek Singla (her brother)
Authorities say the two bank officials were the primary accused and had left their jobs around six months before the fraud surfaced.
How the Money Was Allegedly Diverted
According to investigators, large amounts of money from government-related accounts were transferred into a private company called Swastik Desh Projects.
The company was reportedly owned by the manager’s family members.
Officials said around ₹300 crore was routed to this firm first and then moved further through other transactions. Investigators are now tracing the full financial trail to determine where the remaining money went.
How the Fraud Was Discovered
The irregularity came to light when a Haryana government department requested to close its bank account and transfer the balance to another bank.
During routine verification, officials noticed a mismatch between the recorded balance and the actual funds. After further checks, similar discrepancies were found in multiple government-linked accounts.
Following this, a formal complaint was filed and a detailed investigation began.
Multi-State Transactions Raised Suspicion
Investigators also pointed out that the case involved multiple jurisdictions:
the bank branch was in Chandigarh
the government departments were based in Haryana
some transferred funds moved to another bank in Mohali
Authorities said such cross-location transactions made the fraud harder to detect earlier.
The accused are expected to be produced before court as the investigation continues.
Bank Responds and Refunds Money
The bank stated that it has already repaid the entire claimed amount — including interest — to the concerned Haryana government departments.
According to its official statement, the refund totals around ₹583 crore.
The bank also said it is cooperating with investigators and has taken internal steps to strengthen monitoring and safeguards.
Investigation Still Ongoing
Officials say the probe is still in its early stages. Investigators are now verifying documents, digital records and transaction trails to determine whether more individuals were involved.
Authorities have assured that strict legal action will be taken if additional wrongdoing is found.
Why This Case Matters
Financial experts say such cases highlight the importance of internal checks in banking operations, especially when handling public funds.
Government-linked accounts usually involve large amounts, and even small monitoring lapses can lead to major financial risks.
The investigation is expected to continue for several weeks as authorities examine the complete flow of money.
❓ FAQ
1. What is the IDFC FIRST Bank fraud case?
It is a financial fraud where funds linked to Haryana government accounts were allegedly diverted by bank employees to a private company.
2. How much money was involved?
Approximately ₹590 crore was reported in the case.
3. Who has been arrested?
A former branch manager, a relationship manager, and two relatives connected to the company account have been arrested.
4. Has the money been recovered?
The bank has repaid the claimed amount, including interest, to the concerned government departments.
5. Is the investigation finished?
No, authorities are still examining transaction records and possible involvement of additional people.
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