Rs 590 crore IDFC First Bank fraud: Four held in Haryana Vigilance crackdown

The Haryana Vigilance Bureau has arrested four people in connection with the alleged Rs 590 crore IDFC First Bank fraud, marking a significant development in one of the region’s largest suspected banking scams.

Among those taken into custody is the alleged mastermind. The accused have been identified as Ribhav Rishi, Abhay Kumar, Swati Singla and Abhishek Singla. Investigators said two of them are former IDFC First Bank officials, while the other two are private individuals who operate a partnership firm.

According to officials, Ribhav Rishi previously served as a manager at IDFC First Bank and is currently a manager at AU Small Finance Bank in Zirakpur, Punjab, near Chandigarh. Vigilance authorities allege that Rishi engineered the conspiracy by setting up shell companies to route government funds through fraudulent transactions.

The suspected fraud surfaced at IDFC First Bank’s Chandigarh branch. Investigators believe unauthorised transactions were carried out on accounts linked to Haryana government departments, leading to the alleged diversion of around Rs 590 crore.

Sources indicated that the accused are suspected of working in concert to manipulate banking procedures and documentation in order to move funds out of government accounts. Officials said the precise financial exposure is still being determined, with additional transaction trails currently under examination.

The investigation remains ongoing.