&imwidth=800&imheight=600&format=webp&quality=medium "Chandigarh shocker: How an ex-bank official allegedly pulled off a Rs 590-crore scam")
A massive financial fraud worth nearly Rs 590 crore has been uncovered at the Chandigarh branch of IDFC FIRST Bank, with investigators identifying a former branch manager as the key conspirator. According to the Haryana Anti-Corruption Bureau (ACB), government funds were allegedly siphoned off from accounts belonging to Haryana state departments and routed to a private firm controlled by the ex-manager’s family members.
So far, four individuals have been taken into custody: former branch manager Ribhav Rishi, ex-relationship manager Abhay, Rishi’s wife Swati Singla, and her brother Abhishek Singla. Authorities say Rishi and Abhay played central roles in designing and executing the scheme before resigning from the bank about six months ago. Investigators revealed that around Rs 300 crore was transferred to a company named Swastik Desh Projects. Shareholding records show Swati Singla owns 75% of the firm, while Abhishek Singla holds the remaining 25%. Officials allege that funds were further moved from this account. The accused are set to be presented before a court.
How was the fraud discovered?
The irregularities came to light when a Haryana government department sought to close its account and shift funds to another bank. During reconciliation, discrepancies surfaced between recorded balances and actual funds. A deeper probe uncovered similar inconsistencies across other government-linked accounts handled by the Chandigarh branch. In a regulatory disclosure, IDFC FIRST Bank acknowledged detecting fraudulent activity amounting to roughly Rs 590 crore. The bank indicated that preliminary findings point to unauthorised actions by certain employees, possibly in collusion with others.
What investigators found?
Trending Stories
&im=FitAndFill=(700,400))
How fast can the Sukhoi Su-30 fighter jet really fly?
)
Did China ask its people 'not to respond to aliens'? Origin of bizarre claim on social media
)
MS Dhoni-CSK Fallout? Report claims failed stake sale talks triggered rift
)
Scientists reveal the SAFEST COUNTRY when catastrophe strikes the planet
)
Serial killer on the loose in South Korea's Jeju Island? Fourth body found in three days as more than a dozen people go missing
)
2/3rd of glacier detached, collapsed: ISRO satellite images reveal what triggered Nepal floods
)
Trump once again claims without him there would be ‘no Israel right now’
)
Foreign espionage attacks against German companies surge to 37%, Bitkom report reveals
)
Blake Lively wins partial legal fee from Justin Baldoni after $8M request
)
Why is Pakistan deploying Turkish Bayraktar TB2 drones near India border?
)
'OH MY GOD! We've found other agents!': Investigators discover not one or two, almost 700 OpenAI AI agents went rogue, hacked Hugging Face
)
Lunar eclipse 2026: India timings, places to see and more. August Blood moon factsheet
)
RSS chief Mohan Bhagwat on global outreach tour
)
Both pilots killed as training aircraft crashes in Lucknow – What we know
)
16-year-old charged with preparing terror attack on kindergarten in Norway
&im=FitAndFill=(700,400))
How the S-400 protects itself from enemy attacks
)
Nepal floods: Over 165 dead, 400 missing; US, India, China, World Bank mobilise aid
)
India's multi-layered watch: The new surveillance war
)
5 doomsday planes spotted in US skies hours after CIA director's secret trip to Russia
)
9/11 mastermind Khalid Sheikh Mohammed to finally face trial in 2028, nearly 27 years after horrific attacks
)
Islamabad hospital fire: What we know about one of the biggest facility that housed Imran Khan
)
Workers run for life while filming Nepal flash flood: Scary new visuals emerge from Rasuwa
)
Russian military planes enter South Korean air defence zone amid rising tensions with North Korea: What's happening
)
Ron Weasley Is Back! Rupert Grint set to return to Harry Potter universe on Broadway
)
400-year-old 'vampire' grave in Poland reveals non-existent genetic lineage
)
Dolly Parton, global icon and queen of country music, dies at 80
)
Nepal flash floods: Kailash Mansarovar yatra affected, close to 400 pilgrims out of contact
)
'If he is dead, they're putting on a pretty good show': Trump casts fresh doubt over Mojtaba Khamenei's fate
)
Man arrested near US Capitol with guillotine in pickup truck: What happened?
&im=FitAndFill=(700,400))
Why the Su-30MKI cockpit is painted bright turquoise green
ACB Director General AS Chawla stated that the accused masterminded the operation. He highlighted the unusual routing of funds — from Chandigarh to accounts in Mohali, despite the departments being based in Haryana. The proximity of Chandigarh, Mohali, and Haryana reportedly complicated jurisdictional oversight. Chawla confirmed that while investigators have identified the method used in the fraud, details will only be shared after full verification. He assured strict action against all those involved.
What did the bank say?
Amid the ongoing probe, IDFC FIRST Bank stated that it has reimbursed the affected Haryana government departments in full. The payout, including both principal and interest, totals Rs 583 crore. In a public statement, the bank emphasized its commitment to customer-first values and ethical standards. It clarified that payments were not delayed despite the investigation and said the departments have acknowledged the bank’s swift and professional resolution.
