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Swift Recovery Brings Major Relief to Haryana Govt After ₹590 Crore Fraud Disclosure.
Fraud Linked to Chandigarh Branch, Probe Ordered by Anti-Corruption Bureau
The Chief Minister said the bank had informed the government that the fraud was primarily confined to a specific branch in Chandigarh and involved four to five employees at the middle and lower levels who allegedly colluded with outside entities.
Reiterating the government’s tough stance, Saini assured the Assembly that strict action would be taken against all those involved, regardless of their position.
“We will ensure that anyone involved — whether bank employees, private individuals, or even government officials — will not be spared,” he said.
The state government has already ordered an in-depth investigation by the Anti-Corruption Bureau (ACB) to uncover the full extent of the fraud and identify all those responsible. Additionally, a high-level committee headed by the Finance Secretary has been constituted to monitor the probe and recommend corrective measures.
Political Sparring in Assembly as Govt Claims Zero Tolerance on Corruption
The issue triggered sharp exchanges in the Assembly, with the Opposition Congress raising concerns over the security of public funds. Responding to criticism, Chief Minister Saini accused previous Congress governments of failing to act decisively in corruption cases.
“During their tenure, scams were hushed up, and accountability was lacking. Our government is working with zero tolerance toward corruption,” he said.
Meanwhile, the bank’s Managing Director and CEO, V. Vaidyanathan, confirmed that the fraud was the result of collusion between certain bank employees and external parties. He said the bank would make necessary financial provisions and continue cooperating with investigative authorities.
The swift recovery of most of the siphoned funds has helped avert a major financial setback for the Haryana government. Still, the investigation continues to determine how such a large-scale fraud occurred and to prevent similar incidents in the future.
