IDFC Bank scam: Crores routed into real estate, plans already in place

Panchkula (The Uttam Hindu): The Haryana Anti-Corruption Bureau (ACB) is intensifying its probe into the ₹590 crore bank scam linked to several Haryana government departments. The main accused, Ribhav Rishi and Abhay, were questioned together in multiple rounds to uncover the details of the alleged conspiracy. Investigators found that while their statements matched on certain points, major inconsistencies on key issues have further deepened the investigation. Officials say both accused had resigned from their jobs around six to seven months ago and soon after established a company named Swastik Desh, in which Abhay’s wife Swati was made director and his brother-in-law Abhishek was given a significant stake. The firm is suspected to have been used for money laundering and diversion of funds.

Preliminary findings indicate suspicious transactions in accounts linked to government bodies, with large sums allegedly transferred to the Swastik Desh Project through bank branches in Chandigarh. Investigators suspect fraud and serious procedural lapses by bank officials, leading to the registration of a case against unidentified officials and others. Records show that a major portion of government funds was routed to the firm, and authorities are examining the purpose behind these transactions. Notices have been issued to the banks concerned for relevant documents, while investigators are also examining the involvement of other individuals connected to the transactions.

During questioning, the accused reportedly admitted that part of the siphoned money was invested in real estate with plans to profit from rising property prices. Investigations suggest that hundreds of crores were transferred from government accounts to various businesses, including jewelers, builders and traders. Irregularities have also surfaced during the scrutiny of municipal accounts, and one finance department employee is reportedly untraceable. Police and intelligence agencies are analyzing financial records and transaction patterns, and further revelations are expected as the investigation continues.