IDFC First Bank Fraud: 4 Arrested In ₹590-Crore Case Here's How They Allegedly Executed The Scam

(MENAFN- Live Mint) Four people have been arrested in the ₹590-crore IDFC First Bank fraud case. Haryana's State Vigilance and Anti-Corruption Bureau made the arrests on 24 February evening as a part of the ongoing investigation, PTI reported.

Among those arrested are two former IDFC First Bank employees, 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) earlier registered an FIR after the fraud had come to light. The state government also formed a committee to examine the matter.

Also Read | IDFC First fraud: What does the ₹590-crore scam mean for the bank?

Chief Minister Nayab Singh Saini earlier told the Assembly that strict action would be taken against all those involved. Opposition leaders, including Bhupinder Singh Hooda and Rao Narender Singh, have demanded a CBI probe. The investigation is being supervised by IPS officer Ganga Ram Punia.

“Swati, along with her brother Abhishek, had set up a company named 'Swastik Desh Projects' to divert government funds. We will seek their custody from the court for the purpose of interrogation,'' ACB officials said.

The bank has disclosed that its employees and others are involved in the ₹590-crore fraud related to Haryana government accounts. Officials from the Development and Panchayats Department launched an internal inquiry after discovering discrepancies in the accounts.

They said that senior IDFC First Bank officials, who attended the inquiry committee meeting on 16 February, were asked to submit written statements. They were also told to provide the committee with full details and documents related to the case.

“The IDFC First bank officials promised to submit the said statement after due vetting and following standard operating procedure of the bank. But no such statement has been submitted by the said officials till date,'' officials said.

IDFC FIRST Bank repays amount

Meanwhile, IDFC FIRST Bank has repaid the full principal amount claimed by departments of the Haryana government, the bank said in a statement.

Preliminary findings suggest that some branch employees fraudulently cleared forged cheques and payment instructions. It was earlier assumed that the fraud was possibly in collusion with outside parties.

Also Read | Govt of India loses ₹1100 cr, LIC ₹340 cr as IDFC First Bank shares crash

Even though the probe is still ongoing, the bank said it has immediately repaid 100% of the amount claimed by the affected government departments. The bank says it supports the Haryana Government and law enforcement agencies in finding the culprits and penalising them.

"The Bank has immediately honoured 100 per cent of the principal and interest claimed by the relevant departments of the Government of Haryana, amounting to ₹583 crore. Final amount may change depending on any further claims or reconciliation," the company said in its statement.

IDFC FIRST Bank financials

According to IDFC FIRST Bank, it remains financially strong and well-capitalised. As of 31 December 2025, it holds AAA ratings for fixed deposits from CRISIL and AA long-term ratings from CRISIL, ICRA, India Ratings and CARE.

Also Read | Haryana recovered ₹556 crore in IDFC First Bank fraud case: CM Saini

The bank's total customer business, including loans and deposits, reached ₹5,62,090 crore, marking a 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 ratio stood at 16.22% and CASA ratio at 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.

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