IDFC Bank Fraud: Rs 300 Crore Transferred To Swastik Desh Projects, Four Arrested

Shedding light onto the ongoing investigations into the Rs 590 crore IDFC First Bank fraud case, Haryana authorities revealed the involvement of two former bank employees and two external individuals.

Former bank employees Ribhav Rishi, Abhay Kumar, and Swastik Desh Projects owners Swati Singla, and Abhishek Singla remain they key individuals under the ongoing Rs 590 crore bank fraud investigation.

The Haryana's State Vigilance and Anti-Corruption Bureau noted that several government departments are involved in this matter, including some accounts of Chandigarh administration.

The largest chunk of this 'employee fraud' at the Chandigarh branch of IDFC Bank totalling Rs 300 crore was transferred to Swastik Desh Projects owned by Swati Singla, and her brother Abhishek Singla.

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According to authorities, the main accused Ribhav Rishi, resident of Panchkula, had left his job at IDFC First Bank six months ago, while Abhay Kumar had quit his job in August last year.

The arrests were made on Tuesday evening as part of the ongoing investigation of the IDFC First Bank fraud case, they said.

Earlier, the Anti-Corruption Bureau registered an FIR, while the state government constituted a committee to examine the fraud.

On Tuesday, Haryana Chief Minister Nayab Singh Saini noted that the Mumbai-headquartered lender had returned Rs 556 crore, including interest after the Rs 590 crore employee fraud came to light at its Chandigarh branch.

Haryana Chief Minister Nayab Singh Saini noted, "Every single penny of the people of the state is safe, and the entire amount of approximately 556 crore rupees (which includes 22 crore rupees in interest as well) has already been returned within just 24 hours. This is the hard-earned money of Haryana's 2.80 crore people—no one can even cast an eye towards it."

Earlier, MD and CEO at IDFC First Bank, V Vaidyanathan, said, "We will spare no one. And we have quickly moved in. We have appointed a forensic auditor for this, KPMG. And we will expect them to move in with great diligence and move very fast. And we will take the full support of the law enforcement of the country."