Ex-branch manager, family nabbed in ₹590-crore IDFC FIRST bank fraud

Haryana Anti-Corruption Bureau arrests former Chandigarh branch manager Ribhav Rishi, ex-relationship manager Abhay, Ribhav’s wife Swati Singla, and her brother Abhishek Singla in a ₹590-crore fraud involving government accounts. IDFC FIRST Bank has fully repaid the departments affected.

The Anti-Corruption Bureau (ACB) of Haryana has arrested four individuals in connection with a massive ₹590-crore fraud at IDFC FIRST Bank’s Chandigarh branch. Those arrested include former branch manager Ribhav Rishi, ex-relationship manager Abhay, Ribhav’s wife Swati Singla, and her brother Abhishek Singla.

Investigators revealed that funds from Haryana government departments’ accounts were diverted into a company, Swastik Desh Projects, owned by Swati (75% shares) and Abhishek (25% shares). Nearly ₹300 crore flowed into this account as part of the orchestrated scheme.

AS Chawla, Director General of the Anti-Corruption Bureau, said Ribhav and Abhay masterminded the fraud. Both had resigned from the branch about six months ago. The ACB highlighted the complex operation: the bank branch was in Chandigarh, Haryana government departments were in the state, and the receiving bank, AU Small Finance Bank, had its branch in Mohali, Punjab.

The fraud was uncovered when a Haryana government department requested closure and transfer of its account balance. Discrepancies between recorded and actual balances led to the discovery of similar issues in other government-linked accounts.

Despite the ongoing investigation, IDFC FIRST Bank confirmed it has already repaid 100% of the principal and interest to the affected Haryana government departments, amounting to ₹583 crore. The bank emphasized its commitment to customer-first principles and transparent conduct.

The accused are set to be presented in court as the investigation continues. Authorities have assured strict action against all involved parties.