IDFC bank fraud: ₹590cr misappropriation involved government funds
A huge banking fraud has rocked IDFC First Bank in Chandigarh, where a suspected ₹590 crore misappropriation, reportedly carried out using fake cheques, involved government funds and implicated a large portion of Haryana government department accounts and some Chandigarh Administration accounts.
The scam was disclosed by the bank during a routine account closure check (disclosure date not specified in the source), revealing related account activity and a signature update (date not specified in the source).
ED to probe money laundering aspects
Investigators found nearly half the stolen money—about ₹300 crore—ended up with Swastik Desh Projects, a company in which Swati Singla holds 75% and Abhishek holds 25%.
Four people have already been arrested on charges like cheating and forgery.
A Special Investigation Team is digging into over 390 suspicious transactions across more than 170 accounts.
Meanwhile, the bank says it has repaid almost all of the lost funds to date.
The ED is now preparing to track down any money laundering linked to this case.