Haryana police have arrested four individuals, including the mastermind, in a 590 crore rupee fraud linked to the Chandigarh branch of IDFC First Bank. The Vigilance operation nabbed Ribhav Rishi, Abhay Kumar, Swati Singla, and Abhishek Singla. The government claims the entire amount has been recovered, though the opposition demands a CBI probe.
A 590 crore rupee fraud linked to the Chandigarh branch of IDFC First Bank in Haryana has stirred political and administrative circles. On the evening of February 24, 2026, around 6 PM, Vigilance arrested the mastermind Ribhav Rishi along with four accused. Ribhav Rishi was previously a manager at IDFC First Bank and is currently posted at AU Small Finance Bank. He is accused of orchestrating the siphoning of government funds through fake companies.
The scam came to light when the Haryana government de-empanelled IDFC First Bank and AU Small Finance Bank in February 2026, directing departments to transfer funds. A department noticed a discrepancy in balance upon closing an account, initially estimated at 490 crore and later rising to 590 crore. Investigations revealed that money was transferred to other accounts via fake cheques and unauthorized transactions.
The bank suspended four employees, filed a police complaint, informed the RBI, and initiated a forensic audit by KPMG. The Haryana government instructed all departments to close accounts and assigned the probe to Vigilance and the Anti-Corruption Bureau. Chief Minister Nayab Singh Saini stated in the assembly, "The government detected the irregularity in time and recovered every penny securely."
Opposition leader Bhupinder Singh Hooda demanded a CBI probe, saying, "Recovering the money is not enough; those responsible must be exposed." Congress leader BB Batra also questioned the government. Chief Minister's media advisor Rajiv Jaitly said the government informed the bank of the irregularity and filed an FIR.
The fraud led to a 20 percent drop in IDFC First Bank shares, causing a 14,000 crore market value loss. RBI Governor Sanjay Malhotra described it as a localized issue posing no broader threat to the banking system. The investigation continues, involving forensic audits, transaction trails, and interrogations. The role of some government employees is also under scrutiny.
