Haryana's Rs 590-Crore Bank Scam: ACB Uncovers Multi-Layered Shell Company Network
In a significant development in Haryana's latest financial scandal, the state's Vigilance and Anti-Corruption Bureau (ACB) has exposed a complex network of shell companies allegedly created by the accused to divert government funds amounting to Rs 590 crore. The investigation, which initially identified only one entity, has now expanded to uncover multiple fraudulent firms operating in layers to conceal the massive fraud.
Shell Companies Identified in Fraudulent Scheme
According to ACB officials, several shell companies have been identified as instrumental in executing this large-scale banking fraud. Initially, only Swastik Desh Project had surfaced during the probe. However, the agency has now pinpointed additional entities with names including Swastik, Cap Co Fintech, and SRR Planning, among others.
"Several bank accounts of shell entities like Swastik, Cap Co Fintech, SRR Planning and others have been identified in the first layer, along with hundreds of accounts in the second layer," the ACB stated in its submission to the Panchkula court. The case involves fraudulent banking operations and fictitious transactions designed to siphon public funds into these shell companies, which are owned directly or indirectly by the accused.
Multi-Layered Fraud Causing Substantial Public Loss
The ACB emphasized that this is a multi-layered fraud causing substantial loss to the public exchequer. "Each layer is being verified and the accused are being confronted with every entry," the agency added. Investigators are meticulously examining:
- The methods used to commit fraud and forgery
- Identification of additional shell entities and beneficiary accounts
- Determination of the role of co-accused, including public servants and bank officials
- Tracing the end use of the proceeds of crime
Accused Face Scrutiny of Financial Records
Officials revealed that crucial leads emerged during the custody of the accused, though the investigation remains incomplete. Fresh financial records, including bank statements, digital records, and transactional data, have recently been received. The accused will be confronted with this material to establish their modus operandi.
Additionally, the ACB has obtained records from nine Haryana government departments. Each document is being scrutinized, and the accused are being confronted with alleged forged papers. Officials noted that the accused had previously given "misleading and evasive replies" during police remand and did not cooperate with investigators.
Digital Evidence and Custodial Interrogation
The examination of voluminous records and electronic data requires further custodial interrogation to establish the facts of the case. Call logs and email logs of bank accounts under investigation have been partially received, with remaining records expected shortly. The accused will be confronted with the mobile numbers and email IDs used for:
- Transaction alerts
- Debit confirmations
- Account statements
Judicial Proceedings and Accused in Custody
In related judicial developments, Abhishek Singla and his sister Swati Singla, who held a 100% stake in Swastik, have been remanded in judicial custody after their seven-day ACB remand ended on Wednesday. Four other accused are scheduled to appear before the court on Friday as their remand ends:
- Ribhav Rishi, former branch head
- Abhay Kumar, Swati's husband and former relationship manager at IDFC First Bank's Sector 32 branch in Chandigarh
- Naresh Kumar Bhuwani, superintendent in the office of the director, development and panchayat
- Manish Jindal, who handled financial transactions for certain Haryana administration officers
The ACB continues to pursue this complex investigation, aiming to unravel the full extent of the fraud and ensure accountability for the substantial public funds diverted through this elaborate scheme.
