Stay updated with the latest - Click here to follow us on Instagram
© The Indian Express Pvt Ltd
Journalism of Courage
Premium
Behind multiple frauds: In the eye of the storm, two banking giants
The Haryana government has written to the Central Bureau of Investigation to take over the probe and examine possible collusion of senior officials and other players.
It pertains to irregularities in accounts of multiple Haryana government departments. It surfaced when the panchayat and development department sought to close its account and found a mismatch between its records and the bank balance.
Public funds worth nearly Rs 950 crore were siphoned off in a series of frauds involving IDFC First Bank, Kotak Mahindra Bank, and others. Fake fixed deposits (FDs), forged documents and alleged collusion between officials and bank insiders exposed systemic loopholes, sending shockwaves through Haryana and Chandigarh’s financial administration.
Four cases are under investigation by multiple agencies, including the Enforcement Directorate, Haryana’s Anti-Corruption Bureau and State Vigilance, and the Chandigarh Police’s Economic Offences Wing. The Haryana government has written to the Central Bureau of Investigation to take over the probe and examine possible collusion of senior officials and other players.
IDFC First Bank ₹590-crore fraud
It pertains to irregularities in accounts of multiple Haryana government departments. It surfaced when the panchayat and development department sought to close its account and found a mismatch between its records and the bank balance. Investigators point to unauthorised transactions, manipulation and diversion of funds into private accounts. Hundreds of transactions across numerous accounts are under scrutiny, with indications of collusion between bank staff, government officials and intermediaries. Around 18 government entities are believed to be affected. AU Small Finance Bank came under scrutiny for suspicious transactions but is not directly accused. It was de-empanelled along with IDFC First Bank as a precaution.
Kotak Mahindra Bank ₹158-crore fraud
This case pertains to the Panchkula Municipal Corporation. Discrepancies emerged when it sought details of FDs and found mismatch with bank records. Investigators found that two unauthorised accounts were opened using forged signatures and seals, and funds were routed through multiple accounts. Fake confirmations, fabricated FDRs and misleading statements were allegedly used to conceal the fraud.
IDFC First Bank ₹116-crore fraud
The case involves about Rs 116.84 crore belonging to Chandigarh Smart City Limited (CSCL) and linked to the IDFC First Bank’s Sector-32 branch. The fraud surfaced during the winding up of CSCL, when funds were to be transferred to the Chandigarh Municipal Corporation. FDRs issued by the bank were found to be fake, with no corresponding deposits. Further checks confirmed forged documents and missing funds.
IDFC First Bank ₹83-crore fraud
It involves alleged siphoning of Rs 75–83 crore of the Chandigarh Renewable Energy and Science & Technology (CREST) Promotion Society funds through unauthorised transactions and forged documentation. Shell firms were allegedly used to route funds, some of which were invested in real estate and other assets. These entities also feature in the Rs 590-crore fraud. Fake FDRs worth over Rs 116 crore were allegedly created to mask irregularities.
The key players behind multiple bank frauds
A wide network of bank officials, government functionaries, real estate developers, jewellers and private individuals has emerged in the multiple frauds, with several arrests made. Here’s a look at the key accused and their alleged roles, based on agency records and court filings:
Story continues below this ad
IDFC First Bank officials
Ribhav Rishi, ex-manager at Sector-32 branch, allegedly used shell entities to siphon funds. Funds also routed to accounts held by him and his wife Divya Arora.
Priyanka Bhatoa and Anuj Kaushal, dealing heads, allegedly verified forged signatures, facilitated irregular transactions.
Abhay Kumar, relationship manager, allegedly prepared fake FDRs and bank statements using blank forms.
Seema Dhiman, ex-authoriser, is accused of approving suspicious transactions.
Arun Sharma, ex-regional head at AU Small Finance Bank, allegedly aided the conspiracy and received about Rs 10 crore, including Rs 2 crore in his account.
Story continues below this ad
Private individuals and associates
Vikram Wadhwa, realtor and hotelier, allegedly routed funds to several firms.
Swati Singla and Abhishek Singla, partners in Swastik Desh, allegedly diverted large funds.
Rajan Katodia of Sawan Jewellers allegedly recorded fictitious gold sales.
Manish Jindal, a Mohali resident, is accused of diverting funds and receiving cash and luxury items.
Story continues below this ad
Haryana government officials
Rajesh Sangwan and Randhir Singh, Controllers (Finance & Accounts) with HSAMB and HSSPP, are accused of violating finance department instructions.
Naresh Kumar Bhuwani, Superintendent in the Development and Panchayat Department, is also under the scanner.
Chandigarh Smart City/ CREST/ MC
Nalini Malik, former CFO of CSCL, allegedly created 11 fake FDRs worth Rs 116.84 crore.
Sukhvinder Singh Abrol, former CREST project director, allegedly diverted funds to shell firms and linked accounts.
Story continues below this ad
Sahil Kukkar, Head of Accounts, CREST, allegedly executed transactions and received Rs 10 lakh per transaction.
Kotak Mahindra Bank
Vikas Kaushik, Senior Accounts Officer, Panchkula MC, and Pushpendra Singh, deputy vice-president of the bank, allegedly opened fake accounts using forged signatures and diverted funds.
Dileep Kumar Raghav, ex-relationship manager, allegedly sent fake FD reports.
Rajat Dahra allegedly received over Rs 70 crore and routed funds further.
Kapil, a resident of Rajpura, allegedly received Rs 2.36 crore.
Advertisement
Loading Recommendations...
Live Blog