By Admin 
IDFC First Bank: In the case of fraud of Rs 590 crore in Chandigarh branch of IDFC First Bank, Rs 645 crore has been paid to the customers. Most of them are associated with Haryana Government departments. However, the bank also says that this amount is more than its initial estimate of about Rs 55 crore. The bank also said that no further irregularities were found. Giving this information in an exchange filing, IDFC First Bank said that it has settled all the claims and now no new claims are pending.
The bank had initially estimated the fraud at Rs 590 crore, but later after investigation and claim verification, a total of Rs 645 crore was paid. Let us tell you that under its ‘Customer First’ policy, the bank returned the money to the customers without waiting for the completion of the investigation. Let us tell you that Anti Corruption Bureau (ACB) has arrested 6 people in this case. The bank will now take action against them and recover the recovery money.
What was the matter?
This case of fraud is related to the accounts of Haryana Government departments. In this, some employees of the bank along with outsiders embezzled money through fake documents. The investigation revealed that money was transferred from government accounts to private companies. One of these was a company named ‘Swastik Desh Projects’, which was run by former bank manager Ribhav Rishi. Investigation revealed that Rs 300 crore has been sent to this company alone. Then from there the money was transferred to personal accounts.
When was it revealed?
The matter came to light when the Development and Panchayat Department of Haryana Government asked to close its account and transfer the money to another bank account. During that time, a huge difference was found between the government records and the balance present in the bank’s system.
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