IDFC First Bank fraud case: Vigilance Bureau nabs 4 in ₹590-crore scam

Panchkula: In a major breakthrough in the ₹590-crore IDFC First Bank fraud case, the Haryana State Vigilance and Anti-Corruption Bureau (ACB) has arrested four people, including the alleged masterminds behind the scam, officials said on Wednesday.

The accused include two former IDFC First Bank employees- Ribhav Rishi and Abhay Kumar, and two private individuals, Swati Singla and Abhishek Singla, who ran a partnership firm named Swastik Desh Project.

Who are the accused? How are they related?

ACB Director General A S Chawla said Rishi was the head of the bank’s Sector 32 branch until six months ago, while Abhay Kumar served as a relationship manager and resigned in August last year.

According to investigators, Rishi and Abhay allegedly orchestrated the fraud. Around ₹300 crore was transferred to the bank account of Swastik Desh Project.

Swati Singla, who holds a 75% stake in the firm, is Abhay Kumar’s wife. Her brother, Abhishek Singla, owns the remaining 25%. All four have been taken into custody.

Fraud linked to government accounts

The case came to light after IDFC First Bank disclosed that ₹590 crore was fraudulently siphoned off from accounts linked to Haryana government departments.

Chief Minister Nayab Singh Saini told the Assembly that strict action would be taken against all those involved.

The ACB had earlier registered an FIR and constituted a Special Investigation Team (SIT) under the supervision of senior IPS officer Ganga Ram Punia.

The case has been filed under Section 13(2) of the Prevention of Corruption Act and several sections of the Bharatiya Nyaya Sanhita, including criminal breach of trust, cheating, forgery, forged documents, and criminal conspiracy.

Officials said the irregularities were primarily linked to the bank’s Chandigarh branch and allegedly involved collusion at middle and lower levels.