Two bank ex-staffers among 4 held in IDFC fraud case

Panchkula: The Haryana vigilance and anti-corruption bureau (ACB) has arrested four people in connection with the Rs 590 crore fraud case involving IDFC First Bank and state govt accounts.The accused include Ribhav Rishi, a former branch head at IDFC First Bank (Sector 32, Panchkula), and Abhay Kumar, a former relationship manager at the same branch. Both are into private work now. Rishi had also earlier been employed at AU Small Finance Bank. The other two arrested are Kumar's wife, Swati Singla, and her brother, Abhishek Singla.
On Wednesday, a court remanded all four suspects to seven-day ACB custody, though the ACB sought a 14-day remand for Rishi and Kumar.According to Dr Ashinder Singh Chawla, director-general, ACB, approximately Rs 300 crore was routed through a bank account belonging to ‘Swastik Desh Project', a private company. Swati Singla holds a 75% stake in the firm, with Abhishek Singla owning the remainder. Investigations suggest the scope of the fraud may extend to accounts belonging to the Chandigarh administration.Defense counsel Yavneet Dhakla argued that the arrests were illegal as they were made without prior notice. He further contended that the ACB had already completed the recoveries.The ACB stated that on July 12, 2024, the finance department directed the opening of accounts under the MMGAY-2.0 Scheme. Accounts were subsequently opened at IDFC First Bank and AU Small Finance Bank with initial deposits of Rs 50 crore and Rs 25 crore, respectively, on Sept 26, 2025.Discrepancies emerged when the department ordered the closure of these accounts in Jan 2026. While AU Small Finance Bank returned over Rs 25.45 crore, IDFC First Bank transferred only Rs 1.27 crore. The Haryana govt formed a three-member committee on Feb 11 and directed the ACB to register an FIR on Feb 23 following the inquiry.The committee found multiple cheques and debit notes were processed using the forged signatures of former director-general D K Behera, who had left his post in Oct 2025. In one instance, the bank honoured a cheque where the amount in figures (Rs 2.50 crore) conflicted with the amount written in words. Bank records indicated that approximately Rs 46.56 crore was transferred from the IDFC First Bank account to an AU Small Finance Bank account, but relevant supporting documents from AU bank were not fully furnished despite repeated communications, said the ACB.Preliminary investigations revealed that funds were siphoned from various departments, including the Haryana State Pollution Control Board and the municipal corporation of Panchkula. These funds were allegedly funneled through Swastik Desh Project to various entities, including Sawan Jewellers, Manik Jewellers, and the spouses of the accused.The ACB has booked the suspects under the Prevention of Corruption Act and several sections of the Bhartiya Nyaya Sanhita. Officials allege that other unidentified bank staff and govt officials are likely involved in the conspiracy.BOX WHAT ACB AIMS TO UNCOVERModus operandi and manner in which funds were divertedIdentities of all beneficiaries and their specific roles in the schemeNexus between public servants, bank officials, and private individualsA comprehensive list of bank accounts owned directly or indirectly by the accusedRecovery of bank documents, personal diaries, and movable properties purchased using the proceeds of the crime