A staggering ₹590-crore fraud has shocked IDFC FIRST Bank, exposing critical lapses in banking oversight and triggering a high profile investigation by Haryana’s Anti-Corruption Bureau (ACB).
At the centre of the controversy is former branch manager Ribhav Rishi accused of orchestrating one of the most shocking banking fraud s in recent time.
Who Has Been Arrested?
The Haryana Anti-Corruption Bureau ACB has arrested four individuals so far:
Ribhav Rishi – Former Branch Manager
Abhay – Former Relationship Manager
Swati Singla – Rishi’s wife
Abhishek Singla – Swati’s brother
According to AS Chawla, Director General of the ACB, Rishi and Abhay are the main accused. Both resigned from the Chandigarh branch nearly six months ago.
How the ₹590 Crore Fraud Was Executed
Investigators revealed that funds from Haryana government department accounts were allegedly diverted.
Nearly ₹300 crore was transferred to a private company named Swastik Desh Projects.
Ownership of the company:
75% – Swati Singla
25% – Abhishek Singla
From there, the funds were reportedly forwarded further.
The fraud came to light when a Haryana government department requested the closure and transfer of its account balance to another bank. During reconciliation, officials found discrepancies between recorded balances and actual funds. Similar irregularities were then detected in multiple linked accounts.
The Curious Geographic Trail
The investigation has also raised eyebrows over the cross-state nature of the transactions:
The bank branch was in Chandigarh
The government departments were in Haryana
The accused transferred the funds to an account in AU Small Finance Bank in Mohali.
Officials questioned how authorities opened a government-linked account outside the state territory.. Authorities cited the proximity of Chandigarh, Haryana, and Punjab as a possible explanation — but scrutiny continues.
What IDFC FIRST Bank Has Said
Amid the ongoing investigation, IDFC FIRST Bank issued a public statement reaffirming its commitment to customer-first principles.
The bank stated that:
It detected the fraud internally.
It has repaid 100% of the claimed principal and interest to Haryana government departments.
The total payout amounted to ₹583 crore.
Despite the investigation being ongoing, the bank did not delay repayment, calling it part of its “principle-based DNA.”
Investigation Status: What Happens Next?
According to the Anti-Corruption Bureau:
The investigation is in a preliminary stage.
Investigators have identified the modus operandi but have not fully disclosed it.
Authorities will produce the accused in court.
Authorities have assured strict action against all individuals involved.
Bigger Questions for India’s Banking System
This case raises serious concerns about:
Internal controls in private banks
Monitoring of government-linked accounts
Cross-state banking oversight
Employee-level fraud detection mechanisms
With nearly ₹590 crore involved, this is not just a banking lapse — it’s a systemic wake-up call.
The Big Takeaway
A former branch manager.
Government department funds.
A private company linked to family members.
And ₹590 crore missing.
The unfolding IDFC FIRST Bank fraud could become one of the most talked-about financial scandals of the year.
As the investigation deepens, one question remains:
How did such a massive fraud go undetected for so long?
