Chandigarh: The Haryana State Vigilance and Anti-Corruption Bureau arrested four individuals on Tuesday evening, February 24, 2026, including the alleged masterminds of a massive ₹590-crore fraud involving state government accounts. The investigation, led by IPS officer Ganga Ram Punia, has identified Ribhav Rishi, the former head of the bank’s Sector 32 branch in Chandigarh, and Abhay Kumar, a former relationship manager, as the primary architects of the scheme. Both individuals had resigned from their positions at the bank approximately six months prior to the discovery of the fraud.
Also taken into custody were Swati Singla and her brother Abhishek Singla, who are private individuals and the owners of a partnership firm named “Swastik Desh Projects”. Investigators revealed that nearly ₹300 crore of the diverted government funds were funnelled directly into this firm’s accounts before being moved further. Swati Singla, who holds a 75% stake in the company, is the wife of the accused former bank employee, Abhay Kumar.
Methodology of the Scam
The fraud was exposed in mid-February when several Haryana government departments attempted to close their accounts at the Chandigarh branch to comply with new state directives. Discrepancies surfaced when the bank transferred significantly less than the recorded balances; in one instance, a request for ₹50 crore resulted in a transfer of only ₹1.27 crore.
Further scrutiny by an internal inquiry committee uncovered evidence of forged signatures on cheques and debit notes. Some of these documents reportedly bore the signature of a former Director General who had relinquished his charge months before the transactions occurred. One particularly glaring discrepancy involved a cheque for ₹2.5 crore where the amount written in words was only “twenty-five,” yet it was still processed and honoured by the bank.
Government and Bank Response
Chief Minister Nayab Singh Saini confirmed to the State Assembly that coordinated efforts between the government and the lender led to the swift recovery of the funds. IDFC First Bank has since repaid approximately ₹583 crore—representing 100% of the principal and accrued interest—to the affected departments.
Despite the recovery, the Haryana government has officially de-empanelled both IDFC First Bank and AU Small Finance Bank from participating in government business until further notice. A high-level committee chaired by the Additional Chief Secretary of the Finance Department has been formed to review administrative lapses and recommend stricter financial governance measures. While opposition leaders have demanded a CBI probe, the state’s Anti-Corruption Bureau continues its investigation to trace the remaining funds and identify any potential collusion within government departments.
