IDFC Bank Fraud Case: CBI Registers FIR in ₹550 Crore Embezzlement

The Central Bureau of Investigation (CBI) has intensified its probe into the alleged ₹550–590 crore embezzlement of Haryana government funds, uncovering a wide network of officials, bank employees, and private individuals involved in what is emerging as a major financial scandal.

The case surfaced in February 2026 during a routine reconciliation of government accounts, which revealed discrepancies in funds held with IDFC First Bank in Chandigarh. Investigations showed that money meant for fixed deposits was diverted using forged documents , unauthorised transactions , and other forms of fraud .

Given the seriousness of the case, the Haryana government handed over the investigation to the CBI through the Department of Personnel and Training, taking it away from the Haryana State Vigilance and Anti-Corruption Bureau. Authorities cited the scale, complexity, and wider implications of the scam as key reasons for this decision.

Investigators found that the fraud was carried out through a network of shell companies , dummy accounts , and layered financial transactions. Funds were diverted into real estate investments and jewellery purchases , while large sums were withdrawn in cash to obscure the money trail. The Enforcement Directorate is also probing the money laundering angle and has frozen multiple accounts.

The probe has brought senior officials under scrutiny, including IAS officers Ram Kumar Singh and Pardeep Kumar, who have been suspended over alleged administrative lapses and oversight failures , indicating possible governance-level shortcomings.

Bank officials are believed to be central to the scam. Ribhav Rishi is identified as the main accused, accused of orchestrating illegal fund transfers , with assistance from Abhay Kumar. Their insider access allegedly enabled them to bypass banking safeguards.

The investigation has also revealed the role of associates and family members. Swati Singla and Abhishek Singla allegedly operated firms used for routing funds, while Divya Arora is suspected to have facilitated financial movements through linked accounts.

Businessmen such as Vikram Wadhwa and Manish Jindal are also under investigation for their roles in laundering money through investments. Additionally, government officials including Amit Diwan, Rajesh Sangwan, Randhir Singh, and Naresh Kumar Bhuwani have been arrested, pointing to systemic weaknesses in financial oversight.

Bank staff such as Seema Dhiman, Priyanka Bhatoa, and Anuj Kaushal are also among those arrested, while Rajan Singh Katodiah allegedly facilitated laundering through gold transactions . Authorities estimate that over ₹550–590 crore was siphoned from multiple departments.

Meanwhile, IDFC First Bank has reimbursed ₹583 crore to the Haryana government and pledged cooperation with investigators, while AU Small Finance Bank remains under scrutiny. The case has raised concerns about financial governance , institutional accountability , and public funds safety , with further revelations expected as the probe continues.