CBI to Investigate ₹590 Crore Embezzlement Case Involving IDFC First Bank
CBI all set to take over Rs 590 crore IDFC First Bank scam case
The Economic Times
Image: The Economic Times
The Central Bureau of Investigation (CBI) is set to take over a ₹590 crore embezzlement case linked to the Haryana government's accounts with IDFC First Bank in Chandigarh. The investigation follows allegations of fraud involving bank employees and external partners, with significant funds reportedly diverted for personal use.
- 01CBI will register an FIR based on the Haryana State Vigilance and Anti-Corruption Bureau's findings.
- 02The alleged fraud involves ₹590 crore from the Haryana government's accounts.
- 03Several individuals, including ex-IDFC First Bank employees, have been arrested.
- 04Funds were allegedly diverted to shell companies and for personal investments.
- 05IDFC First Bank claims to have reimbursed the Haryana government nearly ₹583 crore.
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The Central Bureau of Investigation (CBI) is preparing to take over a significant embezzlement case involving ₹590 crore linked to the Haryana government's accounts at IDFC First Bank in Chandigarh. Official sources confirmed that the Haryana government decided to transfer the investigation to the CBI last month. An FIR will soon be registered based on the initial case filed by the Haryana State Vigilance and Anti-Corruption Bureau (SV & ACB). The allegations suggest that bank employees and external partners orchestrated the fraud, diverting state funds intended for fixed deposits into personal accounts. Preliminary investigations indicate that large sums were funneled into shell companies and minor jewelry businesses, disguised as investments in gold and real estate. IDFC First Bank has stated that it has reimbursed the Haryana government ₹583 crore, covering both principal and interest, and is cooperating with law enforcement to recover losses and pursue legal action against those responsible.
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The embezzlement case could lead to stricter financial oversight for government accounts and increased scrutiny of banking practices in Haryana.
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