IDFC First Bank fraud: Branch head Ribhav Rishi, Abhay among four arrested in ₹590 crore case

The two main accused in the alleged ₹590-crore fraud involving IDFC First Bank -- Ribhav Rishi and Abhay -- have been arrested along with Ribhav’s wife Swati and her brother, the Haryana State Vigilance and Anti-Corruption Bureau said on Wednesday.

Officials said Ribhav Rishi, a resident of Panchkula, had served as the head of the bank’s Sector 32 branch in Chandigarh. As per an earlier PTI report, Of the four arrested, two are former bank employees, while the other two are private individuals linked to a partnership firm.

Director General of Police, Vigilance and Anti-Corruption Bureau, Dr Arshinder Singh Chawla, said, "The two main accused, Ribhav Rishi and Abhay, have been rounded up. Ribhav's wife, Swati and her brother have also been arrested. Ribhav, a resident of Panchkula, worked as the head of the Sector 32 branch of IDFC First Bank. The bank has returned the money belonging to the state government...The figures involved are massive."


The case pertains to an alleged fraud of around ₹590 crore involving accounts linked to the Haryana government, which was disclosed earlier this week. An FIR has been registered, and the state government has constituted a committee to examine the matter.

Chief Minister Nayab Singh Saini said in the Assembly that no one involved would be spared, assuring strict action in the case.

Meanwhile, Leader of Opposition Bhupinder Singh Hooda and Haryana Congress chief Rao Narender Singh have demanded a CBI probe into the alleged fraud. Further investigation is underway.