Haryana Bank Fraud Scandal: Inside the Rs 590 Crore Scam

In a significant development in Haryana, the State Vigilance and Anti-Corruption Bureau arrested a government employee over involvement in the Rs 590 crore IDFC First Bank fraud case. Official sources reveal that the issue came to light after the private lender disclosed fraudulent activities in a Chandigarh branch, heavily impacting state government accounts.

This high-profile investigation has also led to the arrest of four individuals, including alleged masterminds. Notably, these arrests include former IDFC First Bank employees and private individuals linked to a firm accused of receiving substantial fraud funds. An SIT, under IPS officer Ganga Ram Punia, is actively probing the details, with substantial sums already recovered.

This financial scandal has stimulated political reactions, with calls for a CBI investigation. Findings of an inquiry committee, citing forgery and procedural lapses, have been incorporated into the ACB’s investigation, further intensifying the scrutiny into IDFC First Bank and AU Small Finance Bank's roles in this incident.