- Investigators uncovered a scam using fake firms to divert government funds via forged documents
- The Haryana ACB arrested 11 people and seized assets worth Rs 590 crore in the IDFC First Bank case
- Over 100 bank accounts were frozen after illegal transfers from eight government departments were found
In the IDFC First Bank scam, investigators revealed that the racket was being operated through a sophisticated network of fake companies and manipulated bank transactions.
The main accused allegedly diverted government funds into them using forged debit memos, fabricated bank statements and unauthorised transfers from multiple departmental accounts.
The Haryana Anti Corruption Bureau (ACB) took major action in the case of misappropriation of Rs 590 crore which was investigated by the Haryana government in IDFC First Bank. Police have so far arrested 11 people, including a government employee.
The ACB has also seized a large amount of movable and immovable assets and recovered numerous documents related to the case. This was being perpetrated by transferring money to fake companies. Over 100 accounts have been frozen in this case.
According to the ACB, the investigation into the IDFC First Bank scam has revealed that the main accused created several fake companies and illegally transferred government funds to various accounts.
Preliminary investigations have revealed that funds were transferred from government department accounts to these fake companies without authorisation. These companies include RS Traders, Cap Co Fintech services., SRR Planning Gurus Pvt. Ltd., and Swastik Desh Project.
Additional director general of police Charu Bali of the State Vigilance and Anti-Corruption Bureau (SV&ACB) stated that on February 23, a case was registered at the SV&ACB police station, Panchkula, against unknown officials of IDFC First Bank and AU Small Finance Bank under relevant sections.
The investigation so far has revealed the involvement of 12 bank accounts belonging to eight departments, including 10 at IDFC First Bank, Sector 32, Chandigarh, and two at AU Small Finance Bank. Extensive raids have been conducted at 16 locations in this case, and video footage has also been obtained from some locations.
11 Arrested So Far
So far, 11 accused have been arrested in the case, including six bank employees, four private individuals, and one government employee. Ten of these accused are in judicial custody, while one is on police remand. Extensive raids have been conducted at 16 locations during the investigation.
Video footage has also been obtained from some locations. Important documents related to the purchase of properties have been recovered. Additionally, more than 25 electronic devices, including mobile phones and laptops, have been seized, which are being examined with the assistance of a cyber forensic lab.
Moveable and immovable property has also been recovered.
Additionally, six vehicles, including three Fortuners, two Innovas, and one Mercedes, have been seized, which are reasonably suspected to have been purchased with the proceeds of crime. The investigating agency has so far sent requests to freeze debits on over 100 bank accounts. The investigation has revealed that unauthorized transactions have been identified in eight government departments.
A thorough audit of the accounts for the past year is underway and is in its final stages. The investigation has also identified the involvement of several government officials/employees and private individuals.
Upon confirmation, the Vigilance Bureau will take action against the perpetrators. Additionally, 10 properties have been identified that are reasonably suspected to have been purchased with the proceeds of crime.
Transactions Conducted Through Fake Bank Statements
The investigation also revealed that funds were transferred by creating fake debit memos in bank records or without valid debit memos/checks. Furthermore, fake bank statements were also prepared to transfer funds from accounts to various accounts directly or indirectly linked to the accused or their family members.
The investigating agency has received a large volume of records from banks and relevant departments and is conducting a thorough analysis. Authorized and unauthorized transactions are being identified to trace the entire fund flow.
Information being provided to investigating agencies, investigation ongoing
Information requested by various investigating agencies is being provided, and the investigation is being conducted with proper and effective cooperation and coordination with various government agencies. The arrested accused are being interrogated, and the case is being investigated scientifically and technically.
According to the State Vigilance and Anti-Corruption Bureau, the investigation into the case is ongoing and more significant revelations are likely in the future. However, the ACB has not yet provided a direct statement regarding the involvement of any senior officials in the case.
