IDFC bank fraud case: Four accused sent to seven-day police remand, next court hearing on March 4

Panchkula (Haryana) [India], February 25 (ANI): The Panchkula District Court on Wednesday sent all four people to a seven-day police remand in connection with a massive financial fraud involving IDFC First Bank accounts belonging to the Haryana government.
During the proceedings, the police argued in court that remand was necessary to interrogate the accused face-to-face and collect relevant documents. The Anti-Corruption Bureau (ACB) specifically sought this custody to determine the exact accounts and locations where the funds were transferred, as a detailed investigation remains underway to ensure the complete recovery of the misappropriated amount.
The investigating agency is also examining the potential involvement of other bank officials or employees in the case. Over the coming days, the investigation will focus on whether further names emerge and if additional individuals will be presented before the court.
The defence, however, raised an objection regarding the lack of prior notice before the arrests were made. Following the seven-day remand period, the accused are scheduled to be presented in court again on March 4.
Earlier, the Haryana Vigilance and Anti-Corruption Bureau arrested four individuals, including a former branch head, in connection with the high-profile ₹590 crore alleged fraud at the Chandigarh branch of IDFC First Bank.
During a press conference at the ACB headquarters in Panchkula, Director General Arshinder Singh Chawla stated that government funds were allegedly misappropriated through the involvement and collusion of bank employees.

The arrested accused have been identified as former bank manager Ribhav Rishi, the alleged mastermind of the conspiracy; Abhay, a former relationship manager and key associate; Swati Singla, who is Abhay's wife and a director of a private company; and her brother, Abhishek, who allegedly assisted in the conspiracy.
Meanwhile, on Tuesday, 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.
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.
CM Saini added, "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." (ANI)