The investigation into a shocking case revealed that a former branch manager at IDFC FIRST Bank’s Chandigarh branch was responsible for a fraud amounting to Rs 590 crore. Funds from accounts of Haryana government departments were transferred to a company owned by the former manager’s wife and brother-in-law.
To date, the Anti-Corruption Bureau in Haryana has apprehended four individuals in connection with the case, including Ribhav Rishi, a former bank branch manager, Abhay, a former relationship manager at the bank, as well as Ribhav’s wife Swati Singla and her brother Abhishek Singla.
According to AS Chawla, the Director General of the Anti-Corruption Bureau, Ribhav and Abhay have been identified as the primary suspects in the case, and it is noted that they both resigned from their positions at the branch approximately half a year prior.
A company named Swastik Desh Projects received an amount close to Rs 300 crore in a transfer. Swati possesses 75% of the company’s shares, with Abhishek owning the remaining 25%. The individuals involved will face a court appearance.
The Scandal’s Shocking Exposure
Earlier this week, IDFC FIRST Bank revealed in an official document that it had uncovered a fraudulent scheme amounting to approximately Rs 590 crore related to specific accounts associated with the Haryana government, which were managed through its Chandigarh branch. The bank stated that the fraud appeared to be a consequence of unauthorized and deceptive actions conducted by certain staff members at the branch, potentially in collaboration with external parties.
The fraud was uncovered when a department of the Haryana government asked to close its account and move the funds to a different bank. As the bank processed this request, employees discovered that the recorded balance did not match the actual amount in the account. Further investigation revealed that this inconsistency was not an isolated incident, as similar discrepancies were found in other accounts linked to the Haryana government.
Statements from the Inquiry Team Revealed
According to Chawla, the primary suspects, Ribhav and Abhay, devised the scheme. He explained that Rs 300 crore was initially paid to Swastik Desh Projects, from which it was subsequently redirected. Chawla found it noteworthy that despite the IDFC FIRST Bank branch being located in Chandigarh, the relevant Haryana government offices being situated within the state, and the AU Small Finance Bank, where the funds were ultimately transferred, having a branch in Mohali, the transactions were still able to proceed.
Bank’s Statement
During the course of the investigation, the bank claims to have reimbursed the full amount allegedly owed to various government departments in Haryana. The bank, in a statement released in today’s newspapers, emphasized its commitment to maintaining the utmost principles and standards.
“This was the moment to step up and act when it counts the most, prioritizing our CUSTOMER FIRST values. As a bank rooted in principles, we are committed to upholding them. We proceeded with the payment despite the ongoing investigation. This ethos is fundamental to the identity of IDFC FIRST Bank,” stated the bank.
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