IDFC First Bank Rs 590-crore scam: Over 100 bank accounts frozen, money routed through fake firms, says Haryana ACB

Divulging details of the companies through which the money was routed, the ADGP said, “Some of the entities identified during the probe include R S Traders, Cap Co Fintech Services, SRR Planning Gurus Pvt. Ltd. and Swastik Desh Project, among others.”

Sharing the investigation details, Bali said, “An FIR was registered on February 23, 2026, at SV&ACB Police Station, Panchkula, against unknown officials of IDFC First Bank and AU Small Finance Bank under provisions of the Prevention of Corruption Act, 1988 (as amended in 2018) and relevant sections of the Bharatiya Nyaya Sanhita, 2023. The investigation has so far revealed the involvement of 12 bank accounts linked to eight government departments. Out of these, 10 accounts were maintained at IDFC First Bank, Sector-32, Chandigarh, and two at AU Small Finance Bank.”

“So far, 11 accused have been arrested, including six bank employees, four private individuals, and one government official. Among them, 10 are currently in judicial custody, while one accused is on police remand. The investigation team has so far conducted extensive raids at 16 locations. Video footage from certain locations has also been collected. During the searches, investigators recovered crucial documents related to property purchases suspected to have been made using proceeds of crime,” the ADGP said.

“Additionally, more than 25 electronic devices, including mobile phones and laptops, have been seized and sent for examination to the Cyber Forensic Laboratory. Authorities have also seized six luxury vehicles, including three Toyota Fortuners, two Innovas, and one Mercedes, which are suspected to have been purchased from illicit proceeds. Investigations have also identified unauthorised financial transactions in eight government departments, and a detailed scrutiny of financial records for the past one year is currently underway and nearing completion. In the investigation so far, the involvement of several government officials/employees and private individuals has also been identified. Upon confirmation, action will be taken against the culprits. Additionally, 10 properties have been identified which are reasonably suspected to have been purchased using the proceeds of crime”, Bali said.

Fraud carried out through fake debit memos and forged bank statements

Explaining the modus operandi of the accused, the ADGP said, “The probe has uncovered that the accused manipulated banking records by preparing fake debit memos or transferring funds without any valid debit memo or cheque authorisation. It has also been found that forged bank statements were prepared to facilitate the transfer of funds to multiple accounts directly or indirectly linked to the accused and their relatives. A large volume of records has been obtained from banks and concerned departments, which are being meticulously analysed to identify both authorised and unauthorised transactions and trace the complete fund flow.”

The Vigilance Bureau stated that relevant information is also being shared with other investigating agencies as required. “The case is being pursued with close coordination among various government agencies. Interrogation of the arrested accused is ongoing, and the investigation is being conducted using scientific and technical methods. The probe is still underway, and further significant revelations are likely in the coming days”, SP Ganga Ram Punia, who was also present in the press-briefing, told mediapersons.

The Enforcement Directorate is also conducting a parallel investigation in the case and had raided 19 locations across Chandigarh, Haryana and Punjab on Wednesday.