Chandigarh, February 2026 — The Haryana Anti-Corruption Bureau (ACB) has arrested four individuals in connection with a massive ₹590 crore fraud involving government accounts at IDFC First Bank.

What began as a routine internal audit into discrepancies within the Development and Panchayats Department has unraveled into a major criminal conspiracy. While the bank has moved swiftly to reimburse the state, the revelation of an “insider job” has sparked a political firestorm and raised urgent questions about the safety of public funds in private institutions.

The Arrests: A Family Affair and Bank Insiders

Following a high-stakes investigation supervised by IPS officer Kuldeep Singh Poonia, the ACB executed a series of arrests on the evening of February 24. Among those detained are two former IDFC First Bank employees, Reeba Rishi and Abhay.

The probe further implicated Abhay’s family members: his wife, Swati Singla, and her brother, Abhishek Singla. Authorities allege that these private individuals were not just beneficiaries but active participants in the laundering of stolen state capital.

Swastik D Projects: The Conduit for Diverted Funds

The mechanics of the fraud were centered around a partnership firm named Swastik D Projects, set up by the Singla siblings. According to ACB investigators, this entity served as a front to receive and divert government funds that were siphoned out of official accounts.

Preliminary findings suggest the fraud was executed by clearing forged checks and fraudulent payment instructions, bypassing standard banking security protocols through the assistance of the bank’s own staff.

Bank Reimbursement and Financial Stability

In an immediate move to contain the damage, IDFC First Bank has repaid 100% of the principal amount—the full ₹590 crore—claimed by the Haryana government. The bank emphasized that it has zero tolerance for fraud and is cooperating fully with law enforcement to penalize the culprits.

Despite the massive scale of the embezzlement, the bank maintains its financial position remains robust. As of December 2025, it holds AAA and Double A ratings from major agencies, with a healthy Capital Adequacy Ratio of 16.22% and stable asset quality.

Political Fallout and Demands for a CBI Probe

The scandal has become a major talking point in the Haryana Assembly. While Chief Minister Nayab Singh Saini has promised the strictest possible action against the perpetrators, opposition leaders, including former CM Bhupinder Singh Hooda, have expressed skepticism over a localized probe.

Citing the complexity and the massive sum involved, the opposition is now demanding a Central Bureau of Investigation (CBI) probe to ensure that any higher-level collusion within the government or the banking sector is brought to light.

Bottom Line

The IDFC First Bank fraud is a stark reminder that even the most technologically advanced banking systems are vulnerable to the “human element.” While the state treasury has been made whole, the investigation into Swastik D Projects and the bank’s internal failures proves that the “insider threat” remains the most dangerous variable in modern finance.