Someone siphoned ₹550 crore from the Haryana government's IDFC First Bank accounts through shell companies, dummy jewelry shops, and real estate deals. The bank quietly paid back ₹583 crore and hoped nobody would notice.
The CBI has filed an FIR over the embezzlement of ₹550 crore from Haryana government accounts at IDFC First Bank in Chandigarh. The scheme involved bank employees and private operators who diverted government fixed deposit funds into shell entities with names that scream legitimacy — "Swastik Desh Project," "SRR Planning Gurus Pvt. Ltd.," "Cap Co Fintech Services," and "R.S. Traders." The money was then laundered through dummy jewelry firms and funneled into Tricity real estate projects, with significant cash withdrawals along the way. A Chandigarh hotelier is under the scanner. IDFC First Bank has already compensated the government ₹583 crore — the full principal plus interest — which is the banking equivalent of saying "we're sorry we let someone steal your entire wallet, here's the wallet back plus cab fare." Two former bank employees have been arrested so far.