IDFC First Bank Rs 590 crore fraud: 4 arrested, funds recovered

Haryana’s State Vigilance and Anti-Corruption Bureau have arrested four people in the Rs590-crore IDFC First Bank fraud case. Among those arrested are two former IDFC First Bank employees, Ribhav Rishi, former Branch Manager and Abhay. The other two accused are Abhay’s wife, Swati Singla, and her brother, Abhishek Singla. Abhay iwas a former  relationship manager at Chandigarh Branch. They are private individuals and run a partnership firm. AS Chawla, Director General of the Anti-Corruption Bureau, said Ribhav and Abhay are the main accused in the case. Both of them quit their jobs at the branch around six months ago. A sum of nearly Rs 300 crore was transferred to a company called Swastik Desh Projects. While Swati holds 75 per cent of the company's shares, Abhishek holds the remaining 25 per cent. The accused will now be produced in court.
The Anti-Corruption Bureau (ACB) earlier registered an FIR after the fraud had come to light. The state government also formed a committee to examine the matter. Chief Minister Nayab Singh Saini earlier told the Assembly that strict action would be taken against all those involved. Opposition leaders, including Bhupinder Singh Hooda and Rao Narender Singh, have demanded a CBI probe. The investigation is being supervised by IPS officer Ganga Ram Punia.
AS Chawla, Director General of the Anti-Corruption Bureau, said Ribhav and Abhay are the main accused in the case. Both of them quit their jobs at the branch around six months ago. A sum of nearly Rs 300 crore was transferred to a company called Swastik Desh Projects. While Swati holds 75 per cent of the company's shares, Abhishek holds the remaining 25 per cent. The accused will now be produced in court.
Earlier this week, IDFC FIRST Bank disclosed in a regulatory filing that it had detected a fraud of about Rs 590 crore involving certain Haryana government-linked accounts operated through its Chandigarh branch. The bank said the fraud was prima facie the result of unauthorised and fraudulent activities carried out by some employees at the branch, possibly involving other individuals.The bank has disclosed that its employees and others are involved in the Rs590-crore fraud related to Haryana government accounts. Officials from the Development and Panchayats Department launched an internal inquiry after discovering discrepancies in the accounts.Meanwhile, IDFC FIRST Bank has repaid the full principal amount claimed by departments of the Haryana government, the bank said in a statement.