Haryana IDFC First Bank Scam: The Haryana government has initiated stringent disciplinary action in connection with the ₹597 crore financial irregularities involving IDFC First Bank and AU Small Finance Bank. In a decisive move, the state administration has suspended two senior Indian Administrative Service (IAS) officers for their alleged involvement in the matter.
The suspended officials include Ram Kumar Singh and Pradeep Kumar, both belonging to the 2012 IAS batch. At the time of suspension, Ram Kumar Singh was serving as the Additional CEO of the Panchkula Metropolitan Development Authority. Pradeep Kumar held the positions of Director of State Transport and Special Secretary in the Transport Department.
According to the official government order, both officers will be attached to the Chief Secretary’s office during their suspension period. This action follows a series of intensives probes conducted by central and state agencies into the diversion of public funds.
Last month, the Enforcement Directorate (ED) conducted extensive raids at 19 locations across Chandigarh, Mohali, Panchkula, Gurgaon, and Bengaluru. During these operations, the agency froze more than 90 bank accounts and seized incriminating digital and documentary evidence related to the scam.
The investigation revealed that funds belonging to the Haryana Government, Chandigarh Municipal Corporation, and other state agencies were systematically embezzled. The probe originated from an FIR registered in February 2026 by the State Vigilance and Anti-Corruption Bureau, Panchkula, regarding balance discrepancies in the Development and Panchayat Department’s accounts.
Under the Prevention of Money Laundering Act (PMLA), 2002, the ED found that funds intended for Fixed Deposits were diverted without authorization. These government assets were routed through a shell company named ‘Swastik Desh Projects,’ operated by partners Swati Singla and Abhishek Singla.
The ED further disclosed that the accused laundered the money through jewelers’ accounts, using fake billing to simulate gold purchases. The scam had reportedly been operational for a year, allegedly facilitated by former bank employees.
One such former employee, Rishi, who resigned from IDFC First Bank in June 2025, is accused of using multiple shell companies to withdraw funds. Traces of the illicit proceeds were also discovered in the personal accounts of Rishi and his wife, Divya Arora.
Additionally, a Mohali-based hotelier and real estate developer, identified as Wadhwa, was found to have withdrawn a significant portion of the embezzled money. The investigation continues as authorities look to recover the diverted public exchequer funds.
