Rs 590 crore IDFC First Bank scam: Haryana govt suspends 2 IAS officers, probe handed over to CBI

CHANDIGARH: The Haryana government on Thursday suspended two IAS officers, RK Singh and Pradeep Kumar, for their alleged role in a Rs 500 crore IDFC First Bank scam.

The government also handed over the probe to the Central Bureau of Investigation (CBI).

Last month, the Enforcement Directorate (ED) had said it had frozen 90 bank accounts following searches in a money laundering case linked to IDFC First Bank, in which nearly Rs 590 crore of Haryana government funds are alleged to have been siphoned off.

The Central probe agency stated that the alleged fraud involved the use of multiple shell companies and bogus billing for gold purchases.

According to the ED, the scam was carried out over the past year with the assistance of former bank employees, including Ribhav Rishi. The “proceeds of crime” were allegedly diverted to the accounts of Rishi and his wife, Divya Arora.

The agency further said that 11 accused have been arrested so far as part of the investigation, including six bank employees, four private individuals, and one government official.