<p>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.</p><p>&nbsp;</p><p>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.</p><p>&nbsp;</p><p><strong>Also Read: </strong><a href="https://www.wionews.com/india-news/-shocking-unacceptable-says-minister-govt-initiates-action-against-bsnl-director-over-prayagraj-visit-row-1772027947359"><strong>‘Shocking, unacceptable,’ says minister; govt initiates action against BSNL director over Prayagraj visit row</strong></a></p><h2>How was the fraud discovered?</h2><p>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.</p><h2>What investigators found?</h2><p>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.</p><p>&nbsp;</p><p><a href="https://www.wionews.com/videos/pm-modi-receives-a-grand-ceremonial-welcome-as-he-lands-at-ben-gurion-airport-in-tel-aviv-1772027073095/embed"><strong>https://www.wionews.com/videos/pm-modi-receives-a-grand-ceremonial-welcome-as-he-lands-at-ben-gurion-airport-in-tel-aviv-1772027073095/embed</strong></a></p><h2>What did the bank say?</h2><p>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.</p>

Chandigarh shock: 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. Also Read: ‘Shocking, unacceptable,’ says minister; govt initiates action against BSNL director over Prayagraj visit row 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? 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. https://www.wionews.com/videos/pm-modi-receives-a-grand-ceremonial-welcome-as-he-lands-at-ben-gurion-airport-in-tel-aviv-1772027073095/embed 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.

<p>Rs 590-crore fraud at IDFC FIRST Bank’s Chandigarh branch; former manager, aides have been arrested for siphoning Haryana government funds</p>

Chandigarh shocker: How an ex-bank official allegedly pulled off a Rs 590-crore scam

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Chandigarh shocker: How an ex-bank official allegedly pulled off a Rs 590-crore scam