Mumbai: Four people have been arrested in connection with the Rs 590-crore fraud linked to IDFC FIRST Bank and Haryana government accounts.
Haryana’s State Vigilance and Anti-Corruption Bureau (ACB) made the arrests on 24 February evening. Among those arrested are two former bank employees, Ribhav Rishi and Abhay. The other two are Abhay’s wife, Swati Singla, and her brother, Abhishek Singla.
The two private individuals run a partnership firm. Police said further questioning will take place.
How The Alleged Fraud Was Carried Out?
According to officials, Swati and her brother had set up a company named ‘Swastik Desh Projects’ to allegedly divert government funds.
Preliminary findings suggest that some branch employees cleared forged cheques and fake payment instructions. The fraud is believed to have happened in collusion with outside parties.
The ACB had earlier registered an FIR after discrepancies were found in Haryana government accounts. The investigation is being supervised by IPS officer Ganga Ram Punia.
Political Reaction And Probe
Chief Minister Nayab Singh Saini said strict action would be taken against all involved. Opposition leaders Bhupinder Singh Hooda and Rao Narender Singh have demanded a CBI probe.
A state-level committee was formed to examine the matter. Senior bank officials attended a meeting on 16 February but reportedly have not yet submitted written statements to the inquiry panel.
Bank Repays Rs 583 Crore
IDFC FIRST Bank said it has repaid 100 per cent of the principal and interest claimed by Haryana government departments, amounting to Rs 583 crore.
The bank said the final amount may change after reconciliation. It also said it is cooperating fully with the government and law enforcement agencies.
Bank’s Financial Position
The bank stated it remains financially strong. As of 31 December 2025, it holds AAA ratings for fixed deposits from CRISIL and AA long-term ratings from CRISIL, ICRA, India Ratings and CARE.
Total customer business reached Rs 5,62,090 crore, up 22.6 percent year-on-year. Gross NPA stood at 1.69 percent, Net NPA at 0.53 percent. Capital adequacy ratio was 16.22 percent, and Net Interest Margin was 5.76 percent in Q3FY26.
