Haryana: IDFC Bank head, 3 others arrested in massive fraud case

Haryana Vigilance arrested four, including an IDFC Bank branch head, in a massive fraud. CM Nayab Singh Saini confirmed the full Rs 578 crore, including interest, was recovered from the bank within 24 hours and announced a high-level probe.

The Haryana Vigilance and Anti-Corruption Bureau arrested 4 individuals, including the branch head, in connection with a massive financial fraud involving IDFC First Bank accounts belonging to the state government. DGP, Vigilance & Anti-Corruption Bureau, Dr Arshinder Singh Chawla, while talking to the media, said," The two main accused, Ribhav Rishi and Abhay, have been rounded up. Ribhav's wife, Swati and her brother have also been arrested. Ribhav, a resident of Panchkula, worked as the head of the Sector 32 branch of IDFC First Bank. The bank has returned the money belonging to the state government..."

The figures involved are massive." Meanwhile, On Tueaday, Haryana Chief Minister Nayab Singh Saini confirmed that the Rs 578 crore lost in a fraud at IDFC First Bank, including funds of state departments and boards, was fully recovered within 24 hours, with Rs 556 crore deposited and Rs 22 crore interest returned. He added that a high-level committee will investigate and recommend measures to prevent future incidents.

CM Confirms Full Recovery, Announces Probe

Speaking at the Assembly, CM Saini said, "I want to clarify before this House that the entire amount lost in yesterday's incident, including the funds of some Haryana government departments, boards and corporations, has been deposited back into our accounts within just 24 hours. Speaker, approximately Rs 556 crore was deposited by the bank, of which we also received interest of approximately Rs 22 crore. The interest has also been returned. We have deposited that amount and recovered all of that money within just 24 hours...Four or five middle and lower-level employees of a bank branch in Chandigarh colluded to carry out this operation."

He further stated that strict action will be taken against any government official or employee found to be involved in the matter. "Strict action will be taken against any government official or employee involved in it... We would form a high-level committee that would not only hold the officers and employees involved in this matter accountable but would also make suggestions to prevent future situations like the one that has arisen today," CM Saini added. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)