The ₹590 crore bank fraud case in Haryana has taken a significant turn, with the state government recommending a probe by the Central Bureau of Investigation (CBI). The decision comes after preliminary findings indicated large-scale financial irregularities and signs of an organised fraud network. The development has gained further gravity as another bank-related fraud worth nearly ₹150 crore has surfaced in the state, raising serious concerns within administrative and financial circles.
₹590 Cr Scam: Fake Firms Divert Govt Funds
According to sources, the ₹590 crore scam is linked to the misuse of government funds, where money was siphoned off through fake firms and multiple bank accounts. The case has been under investigation since an FIR was registered in February, but given the complexity and the involvement of economic offences and banking channels, authorities have now decided to hand it over to the CBI for a deeper and more comprehensive probe.
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15 Arrests, 6 Luxury Cars Seized
Investigations have revealed that the main accused created several shell companies to divert funds allocated under government schemes into different accounts. So far, 15 individuals have been arrested, including bank employees and persons linked to government departments. All the accused have been sent to judicial custody as the probe continues to expand.
During the enforcement action, agencies have seized six luxury vehicles allegedly purchased using proceeds of crime. These include three Toyota Fortuners, two Innovas, and one Mercedes. Authorities have also initiated the process to freeze over 100 bank accounts suspected to be linked with fraudulent transactions, indicating the vast scale of the operation.
The scam first came to light when a government department attempted to withdraw ₹50 crore deposited in a bank account but found insufficient funds. This triggered an internal inquiry, which uncovered systematic diversion of funds. Investigators later found that money allocated under government schemes had been transferred in a planned manner to multiple accounts controlled by the accused.
₹150 Cr Panchkula FD Fraud Surfaces
Amid this probe, another case involving financial discrepancies of around ₹150 crore in fixed deposits of the Panchkula Municipal Corporation has emerged. In this matter, the name of a Deputy Vice President of a private bank, Pushpender Singh, has surfaced. Two individuals, including a relationship manager, have been arrested so far in connection with this case.
Responding to the developments, the bank stated that certain discrepancies were identified during reconciliation of fixed deposits and related accounts of the municipal corporation. It added that the matter is under examination and, as a precautionary step, ₹127 crore has been returned to the civic body to maintain financial balance while the investigation proceeds.
Multi-Layered Conspiracy Under CBI Lens
Officials say the case is highly complex, involving multiple layers of conspiracy, forged documentation, exploitation of banking loopholes, and alleged internal collusion. Given the scale and intricacy, a central agency probe is seen as necessary to uncover the full extent of the fraud.
Experts believe such banking frauds not only cause significant losses to public funds but also erode trust in financial institutions. They stress that strict legal action and transparent investigation are essential to prevent recurrence of such incidents.
With the recommendation for a CBI probe now in place, authorities expect further revelations in the coming days. Investigators are also examining whether the scam has links extending to other states or financial institutions, which could widen the scope of the case even further.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
