Summary
The CBI has exposed a significant fraud where bank officials from IDFC First Bank and AU Small Finance Bank, in collaboration with Haryana Government officers, including IAS officers, siphoned funds from government departments in Haryana and Chandigarh.
CBI Uncovers Bank Fraud Involving Haryana Government Officials
Highlights
The Fraudulent Scheme
An investigation by the CBI revealed a fraud orchestrated by officials from IDFC First Bank and AU Small Finance Bank in collusion with Haryana Government officers, including IAS officers. The scheme involved siphoning off funds from eight Haryana Government departments and two departments of the Chandigarh Administration.
Mastermind and Modus Operandi
The fraud's mastermind was identified as Ribhav Rishi, a former IDFC First Bank branch manager who continued the operation after transferring to AU Small Finance Bank. Government funds were allegedly routed through various shell entities such as Swastik Desh Projects, Capco Fintech Services, RS Traders, SRR Planning Gurus, Vistamed Solutions, and Maa Vaibhav Laxmi Interior.