4 min readChandigarhFeb 25, 2026 02:40 PM IST
First published on: Feb 25, 2026 at 05:15 AM IST
The State Vigilance and Anti-Corruption Bureau (ACB) in Haryana is pursuing a Chandigarh-based woman and her brother after investigators probing the IDFC First Bank scam found “suspicious” transfers totalling nearly Rs 100 crore to a firm owned by them, The Indian Express has learnt.
Officials said that a Look Out Circular (LOC) has been issued against the woman, identified as Swati Singla, while police are searching for her brother Abhishek. Sources said another LOC has been issued for a former manager of IDFC First Bank’s Chandigarh branch.
“We are searching for the sister and brother as part of our investigation. The LOC has been issued to alert authorities at international airports and seaports to ensure they are not able to leave the country,” an official said.
Police sources said the role of the former manager, a Panchkula resident, is also central to the investigation. He had left the bank over six months ago, bank sources said.
FIR against employees of IDFC, AU banks
An FIR has also been registered against employees of IDFC First Bank, AU Small Finance Bank and unidentified public servants in connection with the alleged fraud. The bank said in a statement that its “preliminary findings indicate that certain employees of the branch acted fraudulently in clearing forged instruments and payment instructions, potentially in collusion with external parties”.
Sources said investigators have traced significant diversions of the nearly Rs 590 crore deposited by various Haryana government departments in the bank.
“The key questions before investigators are whether the bankers diverted these funds on the basis of an authorisation letter from the government department concerned or acted on their own. And, if authorisation letters were issued, whether the officers concerned were empowered to take such decisions. The investigators must determine whether the money was diverted solely for investment in stock markets or also in real estate,” a government official said.
The ACB has constituted a Special Investigation Team (SIT), headed by a DSP-rank officer and supervised by an SP-rank officer, to intensify the probe. Officials said several suspects have been questioned and arrests are expected soon in the case.
The FIR in the case was lodged at the ACB’s Panchkula station on February 23 following a communication from Haryana Chief Secretary Anurag Rastogi. A senior officer confirmed that Section 13(2) of the Prevention of Corruption Act has been invoked to probe the role of public servants. The FIR also cites provisions of the BNS related to criminal breach of trust, criminal conspiracy, cheating and forgery.
The FIR has been lodged on the basis of “serious irregularities” found in a probe conducted by officials of the Development and Panchayats Department, which had deposited Rs 50 crore in IDFC First Bank and Rs 25 crore in AU Small Finance Bank in 2025.
The Indian Express reported Tuesday that investigators have brought under the scanner at least 391 suspicious transactions over the past few months across more than 170 accounts, involving key Haryana government departments, bank employees and four senior IAS officers.
Investigations into the ₹590 crore IDFC First Bank fraud reveal a cheque for "Twenty Five Rupees" was used to divert ₹25 crore. (File) 
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