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.

Patna/Mumbai: Law enforcement authorities have dismantled an interstate cyber fraud network operating from Bihar’s capital Patna that allegedly cheated victims out of crores of rupees by posing as gas service providers. Four suspects, including the alleged mastermind, were arrested during a police raid conducted at a rented apartment in the city.

Investigators say the group specifically targeted residents of Mumbai while running its operations from Patna for several months, exploiting online communication platforms and social engineering techniques to deceive victims.

Cyber Fraud Operation Run from Patna Apartment

According to police officials, the accused had been running the fraudulent operation for nearly five to six months from a flat in the New Jaganpura locality under the jurisdiction of Ramkrishna Nagar police station.

Based on a tip-off, a cybercrime investigation team raided the apartment and arrested four individuals identified as Shridhar, Gultan Yadav, Arun Mandal, and Pankaj Kumar.

Authorities believe Shridhar, a resident of Pune in Maharashtra, orchestrated the scheme. The other suspects — Gultan Yadav, Arun Mandal, and Pankaj Kumar — are reportedly from Madhupur in Jharkhand’s Deoghar district.

Police suspect the group deliberately operated from Patna while focusing on victims in other states, particularly Mumbai, to avoid drawing local attention to their activities.

How the Gas Connection Scam Worked

Preliminary investigations reveal that the gang impersonated representatives of gas distribution agencies. Victims were approached with offers to help with new gas connections, transfers of existing connections, or disconnection services.

In several cases, victims were informed that their gas service would soon be suspended unless they made an immediate payment. The urgency created by the fraudsters reportedly pressured many individuals into transferring money without verifying the legitimacy of the request.

Authorities believe dozens of people may have fallen victim to the scam, with the total amount defrauded estimated to be in the crores.

Telegram Used to Find and Contact Victims

Investigators revealed that the gang used messaging platforms, particularly Telegram, to locate and communicate with potential victims. The suspects reportedly operated multiple channels and groups advertising assistance related to gas services and customer support.

Once a victim responded to these posts, the accused would initiate conversations and convince them to send payments through bank transfers or digital payment platforms.

Police say the scammers relied heavily on urgency and impersonation tactics to build trust and quickly obtain money before victims realized the fraud.

18 Mobile Phones Seized as Evidence

During the raid, police recovered 18 mobile phones from the suspects. Authorities believe the devices may contain critical digital evidence, including communication logs, transaction details, and data related to other potential victims.

Forensic examination of the devices is currently underway to trace the financial trail, identify bank accounts used in the fraud, and determine whether additional accomplices were involved.

Investigators are also exploring possible links between this group and other cybercrime networks operating across different states.

Cybersecurity Experts Warn About Social Engineering Scams

Cybersecurity experts caution that such fraud schemes often rely on social engineering, where criminals manipulate victims by creating urgency or fear related to essential services.

Former IPS officer and cybercrime expert Prof. Triveni Singh explained that scammers frequently send alarming messages regarding services such as gas, electricity, banking, or KYC updates.

He advised citizens to verify any payment requests directly through official customer support channels or company websites before transferring money online.

Experts say confirming information through legitimate sources remains one of the most effective ways to prevent cyber fraud.