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Events / IDFC First Bank ₹590 Crore Haryana...
Regulatory bank fraud

IDFC First Bank ₹590 Crore Haryana Government Account Fraud

Analysis based on 25 articles · First reported Feb 22, 2026 · Last updated Feb 25, 2026

Sentiment
-30
Attention
4
Articles
25
Market Impact
Direct
Live prominence charts, article sentiment distribution, and event development timeline available on the NewsDesk Dashboard
Market Impact

The market reacted negatively to the fraud disclosure, with IDFC First Bank's shares falling significantly. However, the bank's swift repayment of the defrauded amount and the India===Haryana government's recovery of funds have mitigated some of the immediate financial impact, though reputational damage and increased scrutiny on banking operations remain.

Banking Financial Services Government
Event Summary

A ₹590 crore fraud was uncovered at IDFC First Bank's India===Chandigarh branch, involving the diversion of funds from India===Haryana government accounts. Former branch manager Ribhav Rishi and ex-relationship manager Abhay Kumar are identified as masterminds, along with Swati Singla and Abhishek Singla, who own Swastik Desh Projects, a company that received a substantial portion of the siphoned funds. The India===Anti-Corruption Bureau (Haryana) has arrested all four individuals. IDFC First Bank has fully repaid the affected India===Haryana government departments, amounting to ₹583 crore plus interest, and has appointed KPMG for an independent forensic audit. The India===Haryana government, led by Chief Minister Nayab Singh Saini, has recovered all funds and de-empanelled IDFC First Bank and AU Small Finance Bank from government business, also announcing a high-level committee to prevent future incidents. The fraud was confined to specific government-linked accounts and did not affect other customers.

Key Actions
100 Ribhav Rishi orchestrated fraud IDFC First Bank
100 Abhay Kumar orchestrated fraud IDFC First Bank
95 IDFC First Bank repaid defrauded amount India===Haryana
95 Ribhav Rishi masterminded fraud India===Haryana
95 Abhay Kumar masterminded fraud India===Haryana
90 IDFC First Bank detected fraud India===Haryana
90 IDFC First Bank repaid 100% of principal and interest India===Haryana
85 Ribhav Rishi transferred funds fraudulently Swastik Desh Projects
+ 10 more actions View on Dashboard
Entities Involved
stock
IDFC First Bank
IDFC First Bank experienced a significant fraud of approximately ₹590 crore at its India===Chandigarh branch, leading to a nearly 15% drop in its stock price. The bank has fully repaid the affected India===Haryana government departments and appointed KPMG for a forensic audit. Four employees have been suspended, and the bank is pursuing recovery efforts and legal action.
Importance 100 Sentiment -50
per
Ribhav Rishi
Ribhav Rishi, a former branch manager of IDFC First Bank's India===Chandigarh branch, is identified as a mastermind of the ₹590 crore fraud. He has been arrested by the India===Anti-Corruption Bureau (Haryana) and faces criminal charges.
Importance 90 Sentiment -100
per
Abhay Kumar
Abhay Kumar, a former relationship manager at IDFC First Bank, is also identified as a mastermind of the fraud. He has been arrested by the India===Anti-Corruption Bureau (Haryana) and is implicated in orchestrating the diversion of government funds.
Importance 90 Sentiment -100
loc
India===Haryana
India===Haryana government departments were the victims of the ₹590 crore fraud at IDFC First Bank. The state government has recovered all lost funds, including interest, and has de-empanelled IDFC First Bank and AU Small Finance Bank from government business. A high-level committee will be formed to investigate and prevent future incidents.
Importance 80 Sentiment -20
govactor
India===Anti-Corruption Bureau (Haryana)
The India===Anti-Corruption Bureau (Haryana) is leading the investigation into the ₹590 crore fraud, arresting key individuals including Ribhav Rishi, Abhay Kumar, Swati Singla, and Abhishek Singla. They are tracing the money trail and ensuring strict action against all involved.
Importance 80 Sentiment 70
priv
Swastik Desh Projects
Swastik Desh Projects, a company owned by Swati Singla and Abhishek Singla, was a primary recipient of the fraudulently diverted funds, with nearly ₹300 crore flowing into its accounts. The company is central to the money trail investigation.
Importance 70 Sentiment -100
per
Swati Singla
Swati Singla, wife of Ribhav Rishi and a 75% owner of Swastik Desh Projects, has been arrested in connection with the fraud. Her company received a substantial portion of the siphoned funds.
Importance 70 Sentiment -100
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Relationships
Ribhav Rishi related ↔ IDFC First Bank
Abhay Kumar related ↔ IDFC First Bank
Swati Singla related ↔ Ribhav Rishi
Swati Singla related ↔ Swastik Desh Projects
Abhishek Singla related ↔ Swastik Desh Projects
IDFC First Bank related ↔ KPMG
IDFC First Bank related ↔ Swastik Desh Projects
Swati Singla related ↔ IDFC First Bank
IDFC First Bank related ↔ India===Anti-Corruption Bureau (Haryana)
Ribhav Rishi related ↔ Abhay Kumar
+ 14 more relationships View on Dashboard
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