The investigation into the high-profile ₹590 crore bank scam in Haryana has gathered momentum, with a special court of the Central Bureau of Investigation (CBI) sending six arrested accused to three-day custodial remand on Friday. The agency informed the court that the fraud is not limited to a handful of individuals but is part of a much larger, organized network whose full extent is yet to be uncovered.
The accused remanded include Abhay Kumar, Ribhab Rishi, Swati, Abhishek Singla, Naresh Kumar, and Manish Jindal. All of them face serious charges including cheating, forgery, criminal conspiracy, and siphoning off government funds through fraudulent banking channels.
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Crores siphoned using fake accounts and shell companies
According to investigators, the accused opened a large number of fake accounts in IDFC First Bank and AU Small Finance Bank. Funds were first transferred into these accounts from multiple sources, then routed through a complex layering process across various accounts before being withdrawn in cash.
The agency stated that shell companies played a crucial role in executing the fraud. Fake documents were created to mislead banking systems, and transaction records were manipulated to make illegal transfers appear legitimate. This allowed the scam to continue undetected for a considerable period.
FIR against ‘unknown’ accused led to major arrests
The CBI registered an FIR on April 8 against unknown individuals, based on an earlier complaint filed on February 23 by the state vigilance and anti-corruption unit. As the investigation progressed, multiple suspicious transactions and accounts were identified, eventually leading to the arrest of the accused.
The case includes charges under the Prevention of Corruption Act and various sections of the Bharatiya Nyaya Sanhita (BNS), 2023, including fraud, forgery, criminal conspiracy, use of forged documents, and criminal breach of trust. These offences carry a maximum punishment of life imprisonment upon conviction.
Indications of a wider conspiracy, more arrests likely
The agency told the court that those arrested so far represent only one layer of the operation. It believes that several other individuals are involved, whose identities are yet to be established. During interrogation, investigators expect to uncover critical documents and digital evidence that could help identify additional members of the network.
Based on these grounds, the agency had sought five days of custody, but the court granted three days. During this period, the accused will be confronted with records and evidence to unravel the deeper conspiracy.
Accused were already in prior custody
Sources indicate that some of the accused had earlier been in the custody of the state agency. Abhay Kumar and Ribhab Rishi were held for nine days each, while Swati and Abhishek Singla were in custody for seven days. Naresh Kumar and Manish Jindal had been detained for six days.
Despite this, investigators maintain that further custodial interrogation is necessary due to the complexity and scale of financial transactions involved, as several crucial links are still missing.
Probe widens; over 100 bank accounts under scrutiny
Officials said that more than 100 bank accounts linked to the scam are currently under investigation. Several accounts have already been frozen, and forensic analysis of suspicious transactions is underway. The agency is also examining how the accused gained access to government funds and identifying systemic loopholes that enabled the fraud.
Experts believe that such large-scale financial scams expose critical vulnerabilities in the banking system and are often used as channels for money laundering on a massive scale.
Investigating agencies are now treating this as a major economic offence and are conducting a comprehensive probe to expose the entire network and ensure recovery of the siphoned public funds.
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.
