The Panchkula District Court has placed four individuals under a seven-day police remand linked to a significant financial fraud involving IDFC First Bank accounts affiliated with the Haryana government. This decision was made on Wednesday after the police asserted the necessity for custody to facilitate direct questioning of the accused and to gather relevant documentation.
The Anti-Corruption Bureau (ACB) emphasized the importance of this remand in uncovering the specific accounts and locations to which the misappropriated funds were redirected, highlighting that an extensive investigation is ongoing to secure the complete recovery of the lost amounts.
Investigation and Potential Involvement
As the inquiry progresses, the investigation will also assess the possible involvement of additional bank personnel or employees. Authorities are poised to discover if further names arise during this investigation, potentially leading to additional arrests and subsequent court appearances. The defense team, however, contested the remand, arguing that the accused were not given prior notice before their arrests took place.
Prior to this court ruling, the Haryana Vigilance and Anti-Corruption Bureau detained four individuals, which includes a former branch head, in connection with an alleged Rs 590 crore fraud centered at the Chandigarh branch of IDFC First Bank. During a press briefing at the ACB headquarters in Panchkula, Director General Arshinder Singh Chawla indicated that government funds were reportedly misappropriated through a conspiracy involving bank employees.
Identities of the Accused
The individuals who have been arrested include Ribhav Rishi, the former bank manager and reported mastermind of the fraudulent scheme; Abhay, a former relationship manager and significant associate in the operation; Swati Singla, who is Abhay’s spouse and a director of a private firm; and her brother, Abhishek, who is accused of aiding in the conspiracy.
Recovery of Misappropriated Funds
On the preceding day, Haryana Chief Minister Nayab Singh Saini announced that the Rs 578 crore lost during the fraud at IDFC First Bank, which included funds from state departments and boards, was entirely recovered within a span of 24 hours. A total of Rs 556 crore was redeposited, alongside Rs 22 crore in interest that was also returned.
During an address at the Assembly, CM Saini confirmed that all the funds, including those from various Haryana government entities, were successfully deposited back into state accounts within one day. He noted, “Four or five middle and lower-level employees of a bank branch in Chandigarh colluded to execute this operation.” He assured that stringent measures would be instituted against any government official or employee found to have participated in the crisis.
Formation of a High-Level Committee
In light of the incident, CM Saini declared the establishment of a high-level committee tasked with not only holding accountable those parties involved but also providing recommendations to avert similar incidents in the future. He expressed determination towards ensuring accountability and preventive measures in the wake of this incident, reinforcing the government’s stance against corruption and financial malpractice.