Haryana ACB Expands Probe Into ₹590-Crore Bank Scam and Shell Firms

Panchkula, March 7: The investigation into a massive ₹590-crore banking fraud in Haryana has intensified after authorities uncovered an extensive network of shell companies and hundreds of linked bank accounts allegedly used to divert public funds.

Officials from the state’s Vigilance and Anti-Corruption Bureau (ACB) say the case—already considered one of the largest alleged financial scams in the state—has expanded significantly as investigators trace complex financial transactions involving multiple individuals, private businesses, and public officials.

Multi-Layered Financial Network Under Scanner

According to investigators, the suspected fraud involved a sophisticated structure designed to move funds through several layers of financial transactions. Authorities initially identified a company named Swastik Desh Project during the early stages of the investigation.

Further examination has revealed additional firms believed to be connected to the accused, including Swastik, Cap Co Fintech, and SRR Planning.

Officials say bank accounts linked to these entities formed the “first layer” of financial activity. Beyond that, investigators are now examining hundreds of additional accounts that appear to form a second layer of transactions.

The ACB suspects these accounts were used to conduct fabricated financial transfers, enabling the movement of government funds through intermediary accounts before being routed to companies allegedly controlled by the accused.

Each transaction trail is currently being analyzed individually as investigators attempt to determine how the funds moved through the system and identify the final beneficiaries.

Several Accused Taken Into Custody

As the probe progressed, authorities detained multiple individuals suspected of involvement in the alleged scheme.

Businessman Abhishek Singla and his sister Swati Singla, reported to hold full ownership of the company Swastik, were recently sent to judicial custody following the completion of a seven-day police remand granted to the ACB.

Four other individuals were previously arrested and were scheduled to appear before a court in Panchkula after the end of their remand period. They include:

• Ribhav Rishi, a former bank branch head
• Abhay Kumar, former relationship manager at IDFC First Bank’s Sector 32 branch in Chandigarh and husband of Swati Singla
• Naresh Kumar Bhuwani, superintendent in the office of the Director, Development and Panchayat
• Manish Jindal, who investigators say handled financial transactions linked to certain Haryana administrative officials

Investigators are currently examining the specific role played by each of the accused in the suspected fraud.

Digital Records and Government Documents Being Examined

Authorities say the investigation continues to expand as new evidence emerges. Financial records collected so far include bank statements, digital transaction logs, and other documents that could help reconstruct the alleged flow of funds.

The ACB has also obtained official records from nine Haryana government departments, which are now being analyzed alongside the financial data.

In addition, investigators have secured partial access to call records and email data associated with the bank accounts under scrutiny. Remaining records are expected soon.

Officials plan to confront the accused with details related to mobile numbers and email accounts used for transaction alerts, debit notifications, and bank communications.

Investigation Still Ongoing

According to officials, the accused have so far provided responses that investigators describe as incomplete or evasive during questioning. Given the scale of the financial records and electronic data involved, authorities say further custodial interrogation may be necessary.

Investigators aim to establish the complete chain of transactions and determine the ultimate use of the diverted funds as the probe into the ₹590-crore banking fraud continues.