IDFC First Bank Fraud: Four Key Accused Allegedly Channelled Rs 300 Crore to Private Entity

IDFC First Bank Fraud

Rs 590-crore fraud at the bank's Chandigarh branch has been revealed by the Haryana State Vigilance and Anti-Corruption Bureau (ACB). Four individuals, including two former employees of IDFC First Bank, played a central role in the scam.

Accused Individuals

• Ribhav Rishi, former head of IDFC First Bank's Sector 32 branch, until six months ago
• Abhay Kumar, former relationship manager at IDFC First Bank, resigned in August last year
• Swati Singla, owner of 75% stake in partnership firm Swastik Desh Project, wife of Abhay Kumar
• Abhishek Singla, owner of 25% stake in Swastik Desh Project, brother of Swati Singla

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Fraudulent Activity

• Rs 300 crore was transferred from IDFC First Bank's Chandigarh branch to Swastik Desh Project's account
• Funds were then routed onward from Swastik Desh Project's account
• Rs 590 crore belonging to Haryana government departments was parked as fixed deposits at IDFC First Bank's Chandigarh branch

Investigation and Recovery

• A Special Investigation Team (SIT) was constituted under the supervision of senior IPS officer Ganga Ram Punia
• Ribhav Rishi and Abhay Kumar were arrested within 24 hours of collecting technical evidence
• IDFC First Bank has repaid 100% of the principal and interest to the affected Haryana government departments, releasing a total of Rs 583 crore

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Ongoing Probe

• The investigation is expected to be prolonged due to the large volume of funds and multiple departments involved
• The ACB will continue to investigate and recover the remaining funds