Unraveling the IDFC First Bank Scandal: A ₹590 Crore Conspiracy
The Enforcement Directorate (ED) has arrested two ex-employees of an IDFC First Bank branch in Chandigarh over a money laundering case linked to the misappropriation of Rs 590 crore in Haryana government funds. The accused allegedly used shell entities to siphon off funds from government accounts.
- Country:
- India
The Enforcement Directorate (ED) arrested two former employees of an IDFC First Bank branch in Chandigarh over a money laundering case tied to the embezzlement of Rs 590 crore belonging to the Haryana government.
Identified as Ribhav Rishi and Abhay Kumar, both were taken into custody for allegedly using shell companies to siphon off the misappropriated funds. A special Prevention of Money Laundering Act (PMLA) court remanded them to ED custody till May 21.
The ED's investigation unearthed the embezzlement of Rs 645 crore from bank accounts held by the Haryana government and other entities. The case originates from an FIR by the Haryana State Vigilance and Anti-Corruption Bureau, which also nabbed 11 individuals, including six bank employees.
(With inputs from agencies.)
ALSO READ
Chandigarh University Online Launches Five Industry-Backed, Future-Ready Programs in AI, Product Management, Project Management and Technology
HP Police arrests 2 key drug suppliers from Chandigarh, Punjab
J-K: 2 juveniles among 4 nabbed in Katra assault case from Chandigarh
Centre extends five state laws to Chandigarh to boost transparency, ease of living
Chandigarh Embraces Legal Reforms with Punjab Legislation Extensions
Google News