IDFC First Bank’s Rs 590-crore fraud | Funds for SUV, family: Rs 1.25 crore traced to Haryana official
The accused superintendent, Naresh Bhuwani, was arrested on Saturday and is currently in six day police remand. Among those arrested earlier are Ribhav Rishi, a former branch manager at IDFC First Bank, and Abhay Kumar, a former relationship manager.
The alleged fraud occurred at Chandigarh branch of IDFC First Bank (File photo).
The ongoing investigations into the Rs 590 crore IDFC First Bank fraud have revealed that a superintendent of the Haryana Development and Panchayat Department allegedly acted as a “middleman” between public servants and the arrested former bankers.
The accused superintendent, Naresh Bhuwani, was arrested on Saturday and is currently in six day police remand. Among those arrested earlier are Ribhav Rishi, a former branch manager at IDFC First Bank, and Abhay Kumar, a former relationship manager. Abhay’s wife, Swati Singla, and her brother, Abhishek Singla, are also on police remand. Investigations have shown that nearly Rs 300 crore was funnelled into the account of Swastik Desh Projects, a company owned by Swati and Abhishek.
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About Bhuwani’s role, the State Vigilance and Anti-Corruption Bureau (SV & ACB) informed a Panchkula court that “he not only received fund directly from Swastik Desh Project in which money was siphoned off from government account but also played crucial role as middleman as revealed during course of investigation so far”. The bureau further alleged that “Bhuwani played a role of middleman between the public servants and co-accused of the case” and remained in constant contact with Rishi and Abhay.
ACB team produces the accused at district court in Panchkula. (Express Photo)
The federal agency also claimed that Bhuwani and others set up the Swastik Desh Projects firm. According to the bureau, the superintendent received Rs 1.25 crore “illegally” from the bank account of the firm within 14 days from November 13, 2025 to November 27, 2025. Out of this, Rs 10 lakh was transferred to the bank account of his daughter, while Rs 25 lakh was allegedly received for buying a Fortuner car.
The agency sought his remand “to know the complete modus operandi, mode and manner of diversion of funds, numbers of beneficiaries vis-à-vis their identities as well as role played by them”. Investigators also said that they will attempt to recover documents of movable and immovable property purchased by Bhuwani through proceeds of crime, adding that “details of immovable properties purchased by the accused by proceeds of crime are to be ascertained and relevant record is to be collected”.
According to the bureau, “this case requires sustained and in-depth interrogation of the accused to unearth the complete nexus of public servants) bank officials, private persons, actual beneficiaries and to understand complex conspiracy hatched as well as further execution thereof”.
The alleged fraud occurred at Chandigarh branch of IDFC First Bank (File photo). 
ACB team produces the accused at district court in Panchkula. (Express Photo)
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