IDFC First Bank scam: Key accused Ribhav Rishi sent to judicial custody

The CBI told the court that Rishi, along with co-accused Abhay Kumar, Swati, Abhishek Singla, Naresh Kumar and Manish Jindal, was involved in opening bank accounts of Haryana government departments without following due procedure. Fake account details, including forged cheque books and signed instruments, were allegedly submitted to banks, enabling unauthorised transactions.

The agency further alleged that payments were processed without proper verification by officials, allowing funds to be siphoned into shell companies controlled by the accused. These funds were then transferred to other entities not linked to any government work, in an attempt to conceal the money trail.

The CBI also suspected that a part of the misappropriated funds was used to purchase movable and immovable properties. The case, the agency said, involves fraudulent banking operations and fictitious transactions carried out in alleged connivance with public servants and bank officials.

During custodial interrogation, the CBI collected specimen signatures and handwriting samples of the accused and said Rishi had disclosed details of the modus operandi, including routing funds through multiple layers and distributing proceeds in cash and other forms.

The agency pointed to violations of finance department guidelines regarding empanelment of banks for handling government business.

The CBI also said that over 200 suspicious and illegal transactions have come to light during the investigation.

The agency added that the probe is at a crucial stage, with the role of several public servants, bank officials and other beneficiaries yet to be ascertained, and the full trail of siphoned funds still under investigation.