IDFC Bank Fraud: Four people, including a bank manager, arrested; a high-level committee is conducting a thorough investigation.

Chandigarh. The State Vigilance and Anti-Corruption Bureau (ACB) arrested four people, including the mastermind, Ribhav Rishi, manager of the Zirakpur branch of AU Small Bank, on Tuesday night in connection with the Rs 583 crore fraud involving various accounts of the Haryana Government at IDFC First Bank. SIT chief DSP Shukrpal confirmed the arrests. All four accused underwent medical examination at the Panchkula Civil Hospital late last night.

The ACB arrested Ribhav Rishi, a resident of Sector 20, Panchkula, along with his friend Abhay Kumar, and the firm’s director, Abhishek Singla, and Swati Singla, both residents of Chandigarh. According to sources, the ACB became suspicious of these accused from day one. Following this, the ACB team conducted frequent raids at locations including Mohali, Zirakpur, and other locations to gather evidence. Following the arrest of the four accused, the ACB team is investigating their associates posted in government departments of the Haryana government.

Fraud Planned with a Friend
Ribhav Rishi previously worked as a manager at the IDFC First Bank branch in Chandigarh. He later became a manager at AU Small Finance Bank. According to sources, he was well acquainted with some Haryana government officials. He, along with his friend Abhay Kumar, a resident of Kharar, hatched a plan to embezzle government funds.

Involved Sister and Brother-in-law, Transferred Money to a Bogus Firm
Abhay, a resident of Kharar, was also a former bank employee. Abhay’s sister, Swati Singla, and her husband, Abhishek Singla, were also involved in the fraud. A bogus firm called Swastik Desh Project was created in the names of Abhay and Swati. The accused began the embezzlement by transferring funds from Haryana government accounts through this firm.

Desire to get rich quickly… Harshad Mehta as their role model
According to sources, ACB interrogation revealed that Ribhav and Abhay had been working at different banks for a long time to earn large sums of money quickly. Their friendship stemmed from this very process. Both accused consider Harshad Mehta, the Big Bull of the Bombay Stock Exchange, as their role model.

CM in the Assembly: The entire amount returned to the government
Chief Minister Nayab Singh Saini informed the Assembly that within 24 hours of the fraud being detected, IDFC First Bank had returned the entire amount, including interest, to the state government. The bank had deposited ₹556 crore 15 lakh 29 thousand rupees into government accounts, including ₹22 crore in interest. He informed the House that a high-level committee has been formed under the leadership of Finance Secretary Arun Gupta to investigate the fraud and to make recommendations to prevent it from happening again. However, a statement issued by the bank stated that ₹583 crore has been returned.

An investigation committee will determine the accountability of employees and officials. The Chief Minister informed the House that the bank has stated that this incident primarily involved the Chandigarh branch and occurred through collusion with middle- and lower-level employees. Saini clarified that the government, in collaboration with the bank, will ensure that no one involved in this matter, whether government officials or bank employees, will be spared. The Chief Minister stated that a high-level committee headed by the Finance Secretary will determine the accountability of employees and officials. The Chief Minister said, “The Haryana government’s working style has completely changed. Previously, files related to scams were simply suppressed. I have many such files.” Congress MLAs also created an uproar over the CM’s statement.