IDFC First Scam: Rs 100 Crore Transfers Under Vigilance Scanner


The IDFC First Scam has widened after the Haryana State Vigilance and Anti-Corruption Bureau traced nearly Rs. 100 crore in “suspicious” transfers to a firm owned by siblings Swati Singla and Abhishek. Investigators are examining the money trail as part of a larger probe into alleged irregularities involving government funds deposited in IDFC Bank.

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Look Out Circular Issued Against Swati Singla


Officials confirmed that a Look Out Circular has been issued against Swati Singla, while police teams are searching for her brother, Abhishek. Another LOC has reportedly been issued for a former manager of IDFC Bank’s Chandigarh branch. “The LOC has been issued to alert authorities at international airports and seaports,” an official said.

FIR Names Bank Employees, Public Servants


An FIR has been registered against employees of IDFC First Bank, AU Small Finance Bank, and unidentified public servants. The case was filed at the ACB’s Panchkula station following communication from Haryana Chief Secretary Anurag Rastogi. Section 13(2) of the Prevention of Corruption Act and provisions related to cheating, forgery, and criminal conspiracy have been invoked.

Special Investigation Team Intensifies Probe


The Anti-Corruption Bureau has formed a Special Investigation Team led by a DSP-rank officer and supervised by an SP-rank officer. Investigators are examining 391 suspicious transactions across more than 170 accounts. 

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Sources said key questions include whether bankers acted independently or on authorisation letters, and whether funds were diverted to stock markets or real estate.

Larger Implications for IDFC Bank and Governance


The scam involves nearly Rs 590 crore deposited by Haryana government departments, which creates serious concerns about control measures used in the case. 

The current investigation establishes direct connections between public funds and bank officials and high-ranking officers, which marks a shift from previous banking fraud investigations. 

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The Special Investigation Team's findings will determine the accountability requirements that will be established and the compliance standards that will be enforced for government banking transactions.