CBI to Probe ₹590 Crore IDFC First Bank Scam in Haryana

The Central Bureau of Investigation (CBI) is poised to take over the ₹590 crore fraud case involving Haryana government funds held with IDFC First Bank in Chandigarh, officials confirmed Thursday. The move follows the Haryana government’s decision last month to hand the case to the central agency .

“We are in the process of taking over ,” said an official familiar with the case. An FIR will be registered soon based on the complaint filed by the Haryana State Vigilance and Anti-Corruption Bureau (SV & ACB) .

The alleged scam, according to IDFC First Bank, involved a mix of bank employees and external accomplices . Several arrests have already been made, including two former bank employees and owners of a p rivate partnership firm .

Preliminary probes reveal that funds meant for fixed deposits (FDs) by state departments were allegedly diverted for personal gains . Investigators found money routed through shell companies and minor jewellery businesses , eventually siphoned off via gold purchases and real estate investments. Large cash withdrawals also feature in the trail.

A Chandigarh-based hotelier , linked to multiple real estate projects across the Tricity (Chandigarh, Mohali, Panchkula), is also under scrutiny.

IDFC First Bank has stated it has reimbursed ₹583 crore to the Haryana government departments, covering principal and interest , and remains committed to cooperating with authorities to recover dues.

The CBI takeover marks a crucial phase in the investigation, which has raised questions about the security of government funds in private banks.