Haryana ACB Arrests Four in Major Rs 590 Crore Bank Fraud Case
The Haryana Vigilance and Anti-Corruption Bureau (ACB) has made significant arrests in connection with a massive Rs 590 crore fraud case that involves IDFC First Bank and state government accounts. The four individuals taken into custody include former bank employees and family members linked to a private company allegedly used to route stolen funds.
Details of the Arrested Accused
Those arrested are Ribhav Rishi, a former branch head at IDFC First Bank's Sector 32, Panchkula branch, and Abhay Kumar, a former relationship manager at the same branch. Both are currently engaged in private work. Rishi had previously been employed at AU Small Finance Bank. The other two individuals apprehended are Kumar's wife, Swati Singla, and her brother, Abhishek Singla.
On Wednesday, a court remanded all four suspects to seven-day ACB custody, despite the bureau's request for a 14-day remand for Rishi and Kumar. Defense counsel Yavneet Dhakla argued that the arrests were illegal as they were made without prior notice and contended that the ACB had already completed recoveries.
The Fraudulent Scheme and Financial Routing
According to Dr. Ashinder Singh Chawla, Director-General of the ACB, approximately Rs 300 crore was routed through a bank account belonging to 'Swastik Desh Project', a private company. Swati Singla holds a 75% stake in this firm, with Abhishek Singla owning the remaining 25%.
The fraud came to light following discrepancies in accounts opened under the MMGAY-2.0 Scheme. On July 12, 2024, the finance department directed the opening of these accounts, which were subsequently established at IDFC First Bank and AU Small Finance Bank with initial deposits of Rs 50 crore and Rs 25 crore, respectively, on September 26, 2025.
When the department ordered the closure of these accounts in January 2026, significant irregularities emerged. While AU Small Finance Bank returned over Rs 25.45 crore, IDFC First Bank transferred only Rs 1.27 crore, raising immediate red flags.
Government Response and Investigation Findings
The Haryana government formed a three-member committee on February 11 and directed the ACB to register an FIR on February 23 following their inquiry. The committee discovered that multiple cheques and debit notes were processed using forged signatures of former director-general D K Behera, who had left his post in October 2025.
In one particularly glaring instance, the bank honored a cheque where the amount in figures (Rs 2.50 crore) conflicted with the amount written in words. Bank records indicated that approximately Rs 46.56 crore was transferred from the IDFC First Bank account to an AU Small Finance Bank account, but relevant supporting documents from AU bank were not fully furnished despite repeated communications.
Scope of the Fraud and Additional Investigations
Preliminary investigations have revealed that funds were siphoned from various government departments, including the Haryana State Pollution Control Board and the Municipal Corporation of Panchkula. These funds were allegedly funneled through Swastik Desh Project to various entities, including Sawan Jewellers, Manik Jewellers, and the spouses of the accused.
Investigations also suggest the scope of the fraud may extend to accounts belonging to the Chandigarh administration, indicating potentially wider implications beyond Haryana state accounts.
Legal Charges and Ongoing Probe
The ACB has booked the suspects under the Prevention of Corruption Act and several sections of the Bhartiya Nyaya Sanhita. Officials allege that other unidentified bank staff and government officials are likely involved in the conspiracy, suggesting the investigation is far from complete.
This case represents one of the most significant financial fraud investigations in recent Haryana history, involving complex financial transactions across multiple banking institutions and government departments.
