The Anti-Corruption Bureau arrested former branch manager Ribhav Rishi, ex-relationship manager Abhay, Rishi’s wife Swati Singla, and her brother Abhishek Singla.
Investigators say the ₹590-crore fraud at IDFC FIRST Bank’s Chandigarh branch was orchestrated by a former branch manager, who allegedly diverted funds from Haryana government departments’ accounts into a company account operated by his wife and brother-in-law.
So far, the Haryana Anti-Corruption Bureau has arrested four people in the case — former branch manager Ribhav Rishi, the bank’s ex-relationship manager Abhay, Rishi’s wife Swati Singla, and her brother Abhishek Singla.
A.S. Chawla, Director General of the Anti-Corruption Bureau, said Ribhav and Abhay are the primary accused in the case, noting that both resigned from the branch about six months ago.
Nearly ₹300 crore was allegedly transferred to a firm named Swastik Desh Projects, in which Swati owns a 75% stake and Abhishek holds the remaining 25%. The accused will now be presented before a court.
How the Fraud Was Detected
Earlier this week, IDFC FIRST Bank revealed in a regulatory filing that it had uncovered a fraud of roughly ₹590 crore involving certain Haryana government-linked accounts operated through its Chandigarh branch. The bank said the wrongdoing appeared to stem from unauthorised and fraudulent actions by some employees, possibly with help from others.
The irregularities came to light when a Haryana government department sought to close its account and transfer the balance to another bank. During the process, officials noticed a mismatch between the recorded balance and the actual funds available. Similar discrepancies were later found in other government-linked accounts.
What Investigators Said
A.S. Chawla said the two main accused, Ribhav and Abhay, were behind the plan. “Around ₹300 crore was transferred to Swastik Desh Projects and then moved onward,” he noted. He added that the case was unusual because the IDFC FIRST Bank branch is in Chandigarh, the Haryana government departments are located within the state, and the AU Small Finance Bank branch receiving the funds is in Mohali.
He also said investigators asked senior bank officials whether they had verified how a government account was opened outside the state’s jurisdiction. According to them, the issue arose due to the close proximity of the three cities, with two states and one Union Territory involved.
“We will take strict action against everyone found involved. The investigation is still at a preliminary stage. While we have identified the modus operandi, details cannot be disclosed without cross-verification,” Chawla said.
What the Bank Said
Amid the ongoing probe, the bank stated that it has already reimbursed the full amount claimed by the Haryana government departments.
In a newspaper statement, the bank said it adheres to the highest ethical standards and acted promptly in the matter.
“This was the time to act when it truly mattered and to put our ‘customer first’ principle into practice. We are a values-driven bank and stand by it. We did not delay the payment despite the investigation being underway. This reflects the DNA of IDFC FIRST Bank,” the statement said.
The bank said that although the investigation is still underway, it has reimbursed 100% of the principal and interest to the concerned Haryana government departments, amounting to a net sum of ₹583 crore. It added that the departments expressed appreciation for the bank’s prompt, professional, and principle-driven response.
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