IDFC First Bank fraud case: Ex-bank employees among 4 arrested by Haryana authorities in Rs 590-crore scam

PANCHKULA: Four individuals, including former branch head Ribhav Rishi and relationship manager Abhay of IDFC First Bank’s Sector 32 branch, have been arrested by the Haryana Anti-Corruption Bureau (ACB) in connection with a massive embezzlement case.

According to Dr Ashinder Singh Chawla, Director General of the ACB, both Rishi and Abhay had resigned from the branch approximately six months ago.


Investigations revealed that the bank account of Swastik Desh Project had received Rs 300 crore. Abhay’s wife, holding a 75% stake in the company, and her brother, Abhishek, who owns the remaining 25%, were also taken into custody. All four accused are scheduled to be presented in Panchkula court today.

The case was registered following directions from the Haryana government, after a Panchayat Department inquiry uncovered embezzlement of funds from multiple government wings that maintained accounts with the bank. The bank reportedly refunded the total embezzled amount.

Given that the total embezzled funds exceed Rs 500 crore, authorities are verifying the exact share that belonged to the Haryana government, as some accounts are linked to the Chandigarh administration.

Regarding the modus operandi and possible involvement of other government and bank officials, the ACB is conducting further verification.