The Central Bureau of Investigation (CBI) is preparing to take over a major financial scam investigation involving the embezzlement of ₹590 crore from the Haryana government’s accounts at IDFC First Bank in Chandigarh.
Case Overview
The fraud centers on state government funds that were intended to be deposited as Fixed Deposits (FDs). Instead, the funds were allegedly diverted by a network of bank employees and private individuals for personal gain.
Key Investigation Details:
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The Perpetrators: The Haryana State Vigilance and Anti-Corruption Bureau (SV & ACB) has already made several arrests, including two former IDFC First Bank employees and multiple individuals associated with a private partnership firm.
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The Money Trail: Preliminary probes indicate that the money was moved through shell (dummy) companies and minor jewelry businesses. The funds were eventually used for:
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Large-scale gold purchases.
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Significant investments in the real estate sector.
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Large cash withdrawals.
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Suspects under Scanner: A Chandigarh-based hotelier involved in real estate projects across the “Tricity” (Chandigarh, Mohali, and Panchkula) is currently under investigation.
Bank’s Position
IDFC First Bank reported that it has already reimbursed the Haryana government for the full amount—₹583 crore covering both principal and interest. In a regulatory filing, the bank stated its commitment to cooperating with law enforcement to recover the dues from the perpetrators.
The CBI is expected to register a fresh FIR shortly based on the findings of the Haryana State Vigilance Bureau.
