Updates in the Rs 590 crore IDFC First Bank fraud case: Haryana's Vigilance and Anti-Corruption Bureau has uncovered the money trail, leading to two additional arrests, bringing the total to six. Funds were siphoned to private firms, officials' accounts, and luxury purchases, with the bank reimbursing most of the amount amid ongoing probes.
Following the initial arrests of four suspects—including former IDFC branch manager Ribhav Rishi, relationship manager Abhay Kumar, his wife Swati Singla, and her brother Abhishek Singla—in late February, the investigation has deepened. Haryana's State Vigilance and Anti-Corruption Bureau (SV and ACB) traced the money trail from siphoned government accounts, resulting in the arrest of superintendent Naresh Bhuwani and another individual.
Nearly Rs 300 crore was routed to Swastik Desh Projects, owned by Swati and Abhishek Singla. Bhuwani received Rs 1.25 crore from the firm, diverting Rs 10 lakh to his daughter's account and Rs 25 lakh toward a Fortuner car purchase. Funds originated from accounts like the Haryana School Shiksha Pariyojna Parishad, State Pollution Control Board, and others under schemes such as Mukhyamantri Gramin Awas Yojana, then laundered via jewellers, Ribhav Rishi, his wife Divya Arora, and private parties.
IDFC First Bank, which suspended four employees and notified the National Stock Exchange on February 21, has reimbursed Rs 583 crore to the government and commissioned a forensic audit. The SV and ACB informed a Panchkula court of the complex nexus involving bank staff, public servants, and beneficiaries, stressing the need for sustained interrogations.
This builds on earlier findings from a departmental inquiry (February 11-18) and FIR (February 23), with the probe continuing.
