Four people were arrested in ₹590 Crore First Bank IDFC Fraud Case. Haryana’s State Vigilance and Anti-Corruption Bureau made the arrest on February 24 evening as part of an ongoing investigation, PTI reported.
Among those arrested are two former employees of IDFC First Bank, Ribhav Rishi and Abhay. The other two accused are Abhay’s wife Swati Singla and her brother Abhishek Singla. They are private individuals and run a partnership firm.
The Anti-Corruption Bureau (ACB) had earlier registered an FIR after the scam came to light. The state government has also constituted a committee to look into the matter.
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Chief Minister Nayab Singh Saini had earlier told the gathering that strict action would be taken against all those involved. Opposition leaders, including Bhupinder Singh Hooda and Rao Narender Singh, demanded a CBI probe. IPS officer Ganga Ram Punia is supervising the investigation.
“Swati along with her brother Abhishek started a company called ‘Swastik Desh Projects’ to divert government funds. We will seek their custody in court for questioning,” ACB officials said.
The bank revealed that its employees and others are involved ₹590 crore scam related to Haryana government accounts. Officials from the development and panchayat department launched an internal inquiry after discovering irregularities in the accounts.
They said that senior officials of IDFC First Bank, who attended the inquiry committee meeting on February 16, have been asked to submit written statements. They were also told to provide the committee with all details and documents related to the case.
“The officials of IDFC First Bank promised to submit the said statement after due verification and following the bank’s standard operating procedure. However, they have not submitted any such statement till date,” the officials said.
IDFC FIRST Bank repays the amount
Meanwhile, IDFC FIRST Bank has repaid the entire principal amount claimed by Haryana government departments, the bank said in a statement.
Preliminary findings indicate that some branch employees fraudulently cleared forged checks and money orders. It was previously thought that the fraud was probably in collaboration with outside parties.
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While the investigation is still ongoing, the bank said it immediately repaid 100% of the amount demanded by the government departments concerned. The bank says it supports the Haryana government and law enforcement agencies in finding the culprits and punishing them.
“The bank promptly reimbursed 100 percent of the principal and interest required by the concerned Departments of the Government of Haryana amounting to ₹583 million crowns. The final amount may change depending on any additional claims or reconciliations,” the company said in a statement.
IDFC FIRST Banking Finance
According to IDFC, FIRST Bank remains financially strong and well capitalized. It holds AAA fixed deposit rating from CRISIL and AA long term rating from CRISIL, ICRA, India Ratings and CARE as on December 31, 2025.
Read also | Haryana recovers ₹556 crore in IDFC First Bank fraud case: CM Saini
The bank’s total client business, including loans and deposits, reached ₹5,62,090 crore, representing 22.6% year-on-year growth. Asset quality remains stable, with gross NPA at 1.69% and net NPA at 0.53%, according to ANI.
Its capital adequacy was 16.22% and its CASA ratio was 51.6%. Net interest margin was healthy at 5.76% in Q3FY26.
The bank says it is investing heavily in technology. It is also investing in branches, rural banking, credit cards and other services to become a large, diversified universal bank.
