Haryana Official’s Role Exposed In ₹590 Crore Bank Fraud, Money Traced To SUV Purchase And Family Expenses

Chandigarh: Investigations into the alleged ₹590 crore fraud at the Chandigarh branch of IDFC First Bank have revealed the involvement of a Haryana government official, intensifying scrutiny over the multi-crore financial scandal. Authorities say Naresh Bhuwani, a superintendent in Haryana’s Development and Panchayat Department, may have acted as a conduit between government officials and bank employees implicated in the case. Bhuwani was recently arrested and placed in six days of police custody for questioning.

₹300 Crore Funneled Through Private Company

Preliminary probe findings suggest the fraud involved a complex network moving money through multiple accounts and entities. Approximately ₹300 crore was allegedly routed to Swastik Desh Projects, owned by Swati Singla and her brother Abhishek Singla, who are currently in police remand. Former branch manager Ribhav Rishi and ex-relationship manager Abhay Kumar have also been arrested in connection with the scam.

Luxury Purchases and Personal Expenses Under Investigation

Authorities allege that a portion of the misappropriated funds was used for luxury expenditures, including a high-end SUV and family-related expenses. Digital records indicate that around ₹1.25 crore may have reached an account linked to the Haryana official, though investigators are still verifying the transactions.

The accused allegedly exploited internal banking weaknesses, using forged documents and shell companies to disguise the movement of funds as legitimate transactions. Investigators are examining whether additional collaborators are part of the network.

Tracing the Multi-Layered Financial Trail

The probe has shifted to reconstructing the financial trail and analyzing digital footprints. Authorities are reviewing account activity across multiple banks to uncover the full scope of the fraud. Officials warn that unraveling the network could take time due to deliberate attempts to obscure money flows through complex layers of individuals and corporate entities.

Role of the Haryana Official Under Scrutiny

Bhuwani is being interrogated to determine whether he facilitated communication between government officials and bank staff and whether he benefited financially from the fraudulent operations. Investigators are also examining the utilization of the misappropriated funds, including potential investments and personal expenditures.

Bank Enhances Internal Controls

IDFC First Bank has reportedly intensified internal audits and is exploring technological upgrades to strengthen security frameworks and prevent future fraud. Authorities have indicated that additional arrests may be made as the investigation continues. Documents and digital records remain under detailed review to expose the full network behind the alleged scam.