Haryana recovers stolen funds while police chase key suspects
Following a massive financial scandal at its Chandigarh branch, IDFC FIRST Bank has fully reimbursed Rs 583 crore to the Haryana government. Authorities discovered that branch employees allegedly conspired with outside individuals to siphon public funds using fake cheques and forged payment instructions. Despite the ongoing criminal investigation, bank executives quickly honored the entire principal and interest claimed by state departments.
State Vigilance and Anti-Corruption Bureau officials are aggressively hunting down suspects connected to this massive IDFC First Bank fraud. Detectives recently uncovered a suspicious trail of nearly Rs 100 crore diverted into a company owned by a Chandigarh-based woman and her brother. Police have issued a Look Out Circular against the woman to prevent her from fleeing the country, while her sibling remains untraceable.
Investigators also issued an alert for a former branch manager residing in Panchkula. This key suspect abruptly left his banking job roughly six months ago and remains central to unraveling the complex financial web.
Detectives registered a formal First Information Report targeting bank staff, AU Small Finance Bank employees, and several unidentified public servants. Haryana Chief Secretary Anurag Rastogi initiated this formal complaint after the Development and Panchayats Department flagged severe irregularities regarding Rs 75 crore deposited across two different banking institutions.
Officials are currently examining whether bankers moved these funds independently or relied on official government authorization letters. If officials provided such letters, investigators must determine if those individuals possessed the actual authority to approve such massive transfers. Detectives desperately want to know if perpetrators gambled the stolen cash in stock markets or funneled it into local real estate ventures.
Bank representatives recently issued an official statement confirming their complete cooperation with law enforcement agencies to ensure the perpetrators face justice. Executives clarified that their institution remains highly capitalized and financially robust despite the scam. Customer deposits and loans recently surged to Rs 5,62,090 crore, reflecting solid year-on-year growth.
Furthermore, the bank maintains strong asset quality, showcasing gross non-performing assets at a low 1.69 percent. Management emphasized their continued focus on expanding technology, rural banking, and wealth management services to solidify their market position. Meanwhile, a Special Investigation Team continues scrutinizing over 391 dubious transactions linked to more than 170 accounts involved in this elaborate scheme.
