IDFC First Bank Fraud: Ex-Manager Among 4 Arrested in ₹590 Crores Haryana Scam

In a significant development in the ₹590-crore banking fraud case, Haryana’s Vigilance Bureau has arrested four individuals, including the alleged mastermind, for their involvement in the embezzlement of government funds from IDFC First Bank accounts.

The accused have been identified as Ribhav Rishi, Abhay Kumar, Swati Singla, and Abhishek Singla. Investigators revealed that two of the arrested individuals previously worked with the bank, while the other two are private partners operating a business firm.

Authorities allege that Ribhav Rishi, a former manager at IDFC First Bank and currently serving as a manager at AU Small Finance Bank in Zirakpur near Chandigarh, played a central role in executing the fraud. According to officials, he designed the scheme by setting up shell companies and using them to route fraudulent transactions, enabling the illegal diversion of government funds.

The fraud, considered one of the largest banking scams uncovered in the region, came to light at the Chandigarh branch of IDFC First Bank. Investigators found that unauthorised transactions were conducted through accounts linked to various departments of the Haryana government, leading to the siphoning of approximately ₹590 crore.

Officials believe the accused worked together to manipulate banking systems, documentation, and verification procedures to facilitate the illegal transfer of funds. By exploiting internal processes and using fabricated records, the group allegedly ensured that the transactions appeared legitimate.

Authorities stated that the financial trail is still being examined, and the total amount involved may change as the investigation progresses. Multiple bank accounts and linked entities are under scrutiny to trace the movement of funds and identify any additional beneficiaries.

The arrests were made during a late-night operation, marking a major breakthrough in the ongoing investigation. Officials indicated that further arrests are possible as evidence continues to emerge.

This case has raised serious concerns about internal compliance systems and oversight mechanisms within financial institutions. Experts suggest that stronger monitoring, enhanced audit protocols, and tighter regulatory controls are essential to prevent similar frauds in the future.

The investigation remains active, with authorities committed to recovering the diverted funds and ensuring accountability for all those involved.