₹590-Crore Fraud at IDFC FIRST Bank: Ex-Manager, Kin Among 4 Held
A ₹590-crore fraud at IDFC FIRST Bank’s Chandigarh branch has exposed an alleged conspiracy involving former bank officials and their family members, with funds from Haryana government departments diverted into a privately owned company.
The Haryana Anti-Corruption Bureau (ACB) has arrested four people so far — former branch manager Ribhav Rishi, ex-relationship manager Abhay, Rishi’s wife Swati Singla, and her brother Abhishek Singla. According to ACB Director General AS Chawla, Rishi and Abhay were the key architects of the scheme. Both had left their positions at the bank about six months ago.
₹300 Crore Routed to Family Firm
Investigators say nearly ₹300 crore was transferred to Swastik Desh Projects, a company controlled by Rishi’s wife and brother-in-law. Swati Singla holds 75% of the company, while Abhishek Singla owns the remaining 25%. Authorities allege that funds were further moved from this account.
The accused are expected to be produced in court as the probe progresses.
Fraud Uncovered During Account Closure
The irregularities surfaced when a Haryana government department requested the closure of its account and transfer of its balance to another bank. During reconciliation, officials discovered a mismatch between recorded figures and actual balances. Similar discrepancies were later found in other government-linked accounts.
In a regulatory filing earlier this week, IDFC FIRST Bank confirmed detection of the fraud, stating it appeared to be the result of unauthorised actions by certain employees, possibly in collusion with others.
Multi-City Trail Raises Questions
Chawla highlighted the unusual geographical spread of the transactions — the branch in Chandigarh, Haryana government accounts involved, and transfers routed to an AU Small Finance Bank branch in Mohali.
He said investigators have questioned senior bank officials on how government accounts were allowed to be opened outside the state’s territorial jurisdiction. Bank management reportedly cited the proximity of Chandigarh, Mohali and Haryana, which span two states and a Union Territory.
The ACB chief said the modus operandi has been identified but further details will be shared only after cross-verification. “Strict action will be taken against all involved,” he assured.
Bank Claims Full Repayment
Amid the investigation, IDFC FIRST Bank said it has repaid 100% of the principal and interest claimed by Haryana government departments, amounting to ₹583 crore. In a public statement, the bank said it chose not to delay payments despite the ongoing probe, calling the move a reflection of its “Customer First” principles. The affected departments, it added, appreciated the bank’s swift and professional response.
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