Chandigarh: New revelations are emerging in the ongoing investigation into the alleged ₹590 crore financial fraud linked to the Chandigarh branch of IDFC First Bank. Probe agencies have found indications that a superintendent from Haryana’s Development and Panchayat Department allegedly acted as a middleman between government officials and arrested bank employees. Accused superintendent Naresh Bhuwani was recently arrested and sent to six days of police custody. Officials said the interrogation could help uncover more crucial links in the case.
₹300 Crore Routed Through Private Entity
Sources involved in the investigation said the fraud allegedly operated through a large network designed to transfer money into multiple companies and private accounts. Around ₹300 crore was reportedly routed into an entity named Swastik Desh Projects, a company owned by Swati Singla and her brother Abhishek Singla, both of whom are already under police remand. Former branch manager Ribhav Rishi and former relationship manager Abhay Kumar have also been arrested in connection with the case.
FCRF Launches Flagship Certified Fraud Investigator (CFI) Program
Luxury Purchases and Personal Expenses Under Scanner
Authorities claim the accused network exploited weaknesses in the banking system to move money in multiple stages to avoid detection. Initial findings suggest that a portion of the fraud money was allegedly used for purchasing a luxury SUV and meeting family-related expenses. About ₹1.25 crore is also suspected to have reached an account linked to a Haryana government official, though investigators are still verifying the transaction through detailed digital records.
Officials associated with the probe said the accused allegedly used forged documents and several suspicious companies at different stages to move the funds. By taking advantage of internal banking connections, attempts were allegedly made to present the transactions as legitimate. Investigators suspect that more people could be part of the network and that the scope of interrogation may be expanded to identify other possible collaborators.
Multi-Layered Financial Trail Being Reconstructed
The investigation has now shifted focus to tracing the financial trail and analysing digital footprints. Authorities are reviewing account activities and have sought information from banks where the funds were transferred. Investigators believe it may take time to uncover the complete structure of the scam as the accused allegedly attempted to conceal transactions by routing money through multiple individuals and corporate entities.
Role of the Accused Official Under Interrogation
During questioning, Naresh Bhuwani is being examined to determine whether he functioned as a communication link between the government machinery and bank staff members. Investigators are also trying to verify whether he received any financial benefit in exchange for facilitating the transactions. The probe team is further examining how the fraud money was spent, including possible investments in assets and personal expenditures.
Bank Tightens Internal Controls
Meanwhile, the bank management has intensified its internal audit process. Officials said several technological upgrades are being considered to strengthen the security framework of the banking system. The investigation is still underway, and authorities have indicated that more arrests could follow in the coming days. Documents and digital records related to the fraud are being examined thoroughly to expose the entire network behind the alleged financial scam.
