Chandigarh: The Central Bureau of Investigation (CBI) is preparing to take charge of the high-profile Rs 590-crore embezzlement case involving Haryana Government funds kept in accounts with IDFC First Bank in Chandigarh, officials confirmed on Thursday.
The Haryana Government had decided last month to hand over the investigation to the central agency to ensure a more comprehensive probe into the alleged financial irregularities. An official familiar with the development said that the CBI is in the process of taking over the case and that an FIR will soon be registered based on the complaint initially filed by the Haryana State Vigilance and Anti-Corruption Bureau (SV&ACB).
Preliminary investigations by the SV&ACB indicate that the alleged fraud was orchestrated by some bank employees in collusion with private individuals. Two former IDFC First Bank employees have been arrested so far, along with partners of private firms.
According to authorities, funds intended for fixed deposits by various Haryana government departments were allegedly diverted for personal gains. Investigators have traced substantial sums being funneled through shell companies and minor jewellery entities, ultimately being invested under the guise of gold purchases and real estate projects in the Tricity region. Cash withdrawals of significant amounts have also been noted along the money trail.
A Chandigarh-based hotelier involved in real estate construction has also come under scrutiny in the ongoing probe.
In response, IDFC First Bank stated that it has reimbursed the full principal and interest—totaling Rs 583 crore—to the concerned Haryana Government departments. The bank added that it remains committed to collaborating with authorities to bring the culprits to justice and recover dues.
The CBI’s takeover is expected to accelerate the investigation and ensure accountability in what has emerged as one of the largest alleged banking frauds in the state.
