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ACB Nabs Two Former Bank Officials, Firm Owners in Major Fraud Case

Panchkula: In a major breakthrough in the ₹590-crore IDFC First Bank fraud involving Haryana government funds, the Haryana State Vigilance and Anti-Corruption Bureau (ACB) has arrested four persons, including the alleged masterminds behind the scam.

Addressing the media in Panchkula, ACB Director General A S Chawla identified the accused as Ribhav Rishi, Abhay Kumar, Swati Singla, and Abhishek Singla.

Rishi and Abhay are former employees of IDFC First Bank, while Swati and Abhishek are siblings who operated a partnership firm named Swastik Desh Project.

According to Chawla, Rishi, who headed the bank’s Sector 32 branch until six months ago, and Abhay, a former relationship manager who quit in August last year, were the key conspirators who orchestrated the fraud.

Rs 300 Crore Routed to Private Firm, Accused Linked Through Family Ties

Investigators revealed that nearly ₹300 crore was transferred into the bank account of Swastik Desh Project.

The ACB said Swati Singla holds 75 per cent ownership in the firm, while her brother Abhishek Singla owns the remaining 25 per cent. Swati is also the wife of Abhay Kumar, establishing a direct link between the former bank official and the beneficiary firm.

“We have arrested all four accused. The two former bank employees masterminded the fraud,” Chawla said.

The fraud pertains to government department accounts maintained with IDFC First Bank. The bank had earlier disclosed that ₹590 crore had been siphoned off by employees in collusion with external entities.

SIT Formed, FIR Registered Under Prevention of Corruption Act and BNS

The ACB has registered an FIR under Section 13(2) of the Prevention of Corruption Act, along with multiple provisions of the Bharatiya Nyaya Sanhita, including criminal breach of trust, cheating, forgery, use of forged documents, and criminal conspiracy.

A Special Investigation Team (SIT) has been constituted under the overall supervision of senior IPS officer Ganga Ram Punia to conduct a detailed probe.

Earlier, a committee formed by the Director of the Development and Panchayats Department had uncovered alleged forgery and procedural lapses involving officials of both IDFC First Bank and AU Small Finance Bank. The committee’s findings were incorporated into the FIR.

On February 18, the Haryana government officially de-empanelled IDFC First Bank and AU Small Finance Bank from handling government business.

Govt Recovers Funds, Political Row Intensifies

On Tuesday, IDFC First Bank stated that it had refunded 100 per cent of the principal and interest — amounting to ₹583 crore — to the affected Haryana government departments.

Chief Minister Nayab Singh Saini had earlier told the Assembly that no one involved in the fraud would be spared, stating that irregularities were largely confined to the bank’s Chandigarh branch and involved collusion at middle and lower levels.

Meanwhile, Leader of Opposition Bhupinder Singh Hooda and Haryana Congress chief Rao Narender Singh have demanded a probe by the Central Bureau of Investigation (CBI), intensifying the political battle over what is being termed one of the biggest financial frauds involving state government funds in recent years. The investigation is ongoing, with authorities now focused on tracing the complete money trail and identifying any additional beneficiaries or officials involved in the conspiracy.