IDFC First Bank fraud: Panchayati Raj employee arrested
A big banking scam has come to light, where Naresh Bhuwani, a Panchayati Raj employee, was arrested by the State Vigilance and Anti-Corruption Bureau in connection with the ₹590 crore IDFC First Bank fraud and was produced before a court in Panchkula.
The group used fake cheques—signed with an old signature even after it was officially changed—to move huge sums out of the IDFC First Bank's Sector 32 branch.
Fraudsters opened accounts under the MMGAY-2.0 scheme
The fraudsters opened accounts under the MMGAY-2.0 scheme on September 26, starting with ₹75 crore and eventually moving ₹300 crore to a company called Swastik Desh Projects (owned mostly by Swati Singla and partly by Abhishek Singla).
Several people—including former bank staff and both owners—were arrested earlier this week.
After Bhuwani's arrest, he got six days' remand for questioning; others are also in custody as a special team investigates forgery, cheating, and conspiracy charges.
Meanwhile, IDFC First Bank has already repaid ₹583 crore, including interest, to the Haryana government as they try to rebuild trust after being dropped by state authorities.