IDFC First Bank fraud: Mastermind among four arrested in Rs 590-crore case
PTC News Desk: In a significant development in the ₹590-crore IDFC First Bank fraud case in Haryana, the State Vigilance Bureau has arrested four people, including the alleged mastermind, for allegedly siphoning off government funds through fraudulent transactions.
The accused have been identified as Ribhav Rishi, Abhay Kumar, Swati Singla and Abhishek Singla. Two of them are former officials of IDFC First Bank, while the other two are private individuals who run a partnership firm. Investigators said Rishi, a former branch manager of the bank who is now employed with AU Small Finance Bank in Chandigarh, allegedly masterminded the conspiracy by setting up shell companies and manipulating internal banking procedures.
The irregularities surfaced at the Chandigarh branch of IDFC First Bank after investigators discovered that nearly ₹590 crore had allegedly been diverted through unauthorised transactions from accounts linked to Haryana government departments.
According to the probe, two accounts were opened in September 2025 at IDFC First Bank and AU Small Finance Bank under the Mukhya Mantri Gramin Awas Yojana-2.0 scheme, with deposits of ₹50 crore and ₹25 crore, respectively. The funds were meant to remain untouched until further government approval.
Discrepancies came to light in January when authorities ordered the closure of the accounts and directed that the funds, along with interest, be transferred to another bank. While AU Small Finance Bank transferred ₹25.45 crore and closed the account, IDFC First Bank transferred only about ₹1.27 crore instead of the ₹50 crore plus interest, raising red flags and leading to a deeper investigation that uncovered the alleged large-scale fraud.
- With inputs from agencies
