In a major breakthrough in the Rs 590-crore IDFC First Bank fraud case in Haryana, the State Vigilance Bureau has arrested four people. As per reports, it’s alleged that the mastermind in this huge scam is ex-manager of IDFC First Bank.
The arrested have been identified as Ribhav Rishi, Abhay Kumar, Swati Singla and Abhishek Singla. Two of them are former IDFC First Bank officials, while the others are private individuals running a partnership firm.
Investigators said Rishi, a former IDFC First Bank manager currently working with AU Small Finance Bank in Chandigarh, is suspected to have orchestrated the conspiracy by creating shell firms and manipulating banking processes.
The fraud came to light at IDFC First Bank’s Chandigarh branch after investigators found that around Rs 590 crore had allegedly been diverted through unauthorised transactions from accounts linked to Haryana government departments.
According to the investigation, two accounts were opened in September 2025 in IDFC First Bank and AU Small Finance Bank under the Mukhya Mantri Gramin Awas Yojana-2.0 scheme, with Rs 50 crore and Rs 25 crore deposited respectively.
In January, authorities ordered closure of the accounts and transfer of funds with interest to another bank. AU Small Finance Bank transferred Rs 25.45 crore and closed the account, but IDFC First Bank transferred only about Rs 1.27 crore instead of the Rs 50 crore plus interest, triggering suspicion and a deeper investigation that exposed the massive fraud.
As per latest update, the bank said that the amount of around Rs 583 crore, which had been fraudulently transferred away by some employees, has been returned by the bank to the Haryana government within 24 hours of the matter coming to light.
Haryana Chief Minister Nayab Singh Saini told the Assembly that the amount, including interest, was recovered through coordinated efforts between the government and banks. The state has de-empanelled IDFC First Bank and AU Small Finance Bank from handling government business.
The Opposition has demanded a CBI probe, while the Vigilance Bureau continues its investigation to fix accountability and trace the remaining funds.
