Chandigarh: In a major development in the ₹590-crore bank fraud linked to Haryana government funds, the Anti-Corruption Bureau (ACB) has arrested Priyanka, the dealing head of the Sector-32 branch of IDFC First Bank, and Anuj Kaushal, a former dealing head of the bank. Both have been accused of playing a key role in the alleged embezzlement by verifying forged signatures and facilitating irregular financial transactions. The arrests were made after hours of questioning, following which the two were taken into custody.
According to investigators, the case is linked to around ₹590 crore deposited in the bank by various departments of the Haryana government. The money had reportedly been placed in the bank with the intention of being invested in fixed deposits (FDs), which are typically considered a secure way for government departments to manage surplus funds. However, authorities suspect that irregularities within the banking procedures led to the misuse and diversion of the funds.
FCRF Launches Flagship Certified Fraud Investigator (CFI) Program
Preliminary findings indicate that serious lapses occurred during the verification of documents and signatures related to the deposits. Investigators believe that these procedural irregularities may have enabled large amounts of money to be transferred improperly.
Sources said Priyanka is currently posted at the bank’s Chandigarh branch, while Anuj Kaushal is no longer associated with the bank. During the investigation, it was revealed that both officials were responsible for verifying documents and signatures before authorising certain financial transactions. Authorities suspect that discrepancies in this verification process may have allowed substantial funds to be transferred through questionable channels.
The probe has also revealed that forged signatures of IAS officer D.K. Behera were allegedly used in the case. Investigators suspect that these fake signatures were verified on official documents, allowing the transactions to proceed further in the banking system. This development has raised serious concerns about whether the irregularities were the result of deliberate manipulation or gross negligence in the verification process.
Investigators said the two accused were arrested after their roles appeared suspicious during the inquiry. They are currently being questioned to determine whether other individuals were involved in the alleged fraud. Authorities are also examining whether the irregularities were confined to the bank or whether external individuals played a role in facilitating the transactions.
The ACB has been conducting continuous questioning over the past two days. As part of the investigation, three officials and employees linked to the bank and two government departments have also been questioned. Investigators believe that their statements could help clarify the sequence of events and establish the chain of responsibility in the case.
Officials said investigators have obtained several important leads from banking documents and financial records. These leads have helped the agency intensify questioning of suspects and expand the scope of the probe. During the remand period, investigators also questioned Swati Dhiman, an official associated with IDFC Bank, and Arun Sharma, the regional head of AU Small Finance Bank. Information obtained from them has reportedly helped investigators pursue additional lines of inquiry.
Authorities indicated that more revelations could emerge as the investigation progresses. Investigators are trying to trace the flow of government funds and identify the accounts into which the money may have been transferred. For this purpose, transaction records, banking documents and digital data are being carefully analyzed.
The case has drawn significant attention because it involves a large amount of public funds belonging to government departments. Misuse of such funds could affect administrative functioning as well as welfare programmes linked to public services. For this reason, authorities are treating the case as highly sensitive and are examining every aspect of the alleged fraud.
Officials have indicated that more individuals could come under scrutiny as the investigation advances. If credible evidence emerges against additional suspects, further arrests cannot be ruled out. At present, the two arrested accused remain under interrogation as investigators attempt to uncover the entire network behind the alleged embezzlement.
Authorities stated that further legal action will be taken based on the evidence and documents collected during the investigation. The primary objective of the probe is to uncover the full extent of the alleged fraud and ensure that all those involved are brought within the ambit of the law. The investigation is ongoing, and officials expect more significant developments in the coming days.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
