The Central Bureau of Investigation has made fresh allegations in the ₹504 crore IDFC First Bank fraud case, claiming that a Haryana government official received substantial cash payments, a luxury vehicle, foreign travel and premium hotel accommodation from a key accused in exchange for allegedly helping facilitate fraudulent banking transactions.
The allegations have been detailed in a chargesheet filed before a court in Panchkula. The evidence cited by the agency includes bank records, call detail records, travel documents, hotel invoices and accounting records.
Haryana Official Named as Alleged Intermediary
According to the CBI, Naresh Kumar, a Superintendent in Haryana’s Panchayat and Development Department, allegedly acted as an intermediary between senior departmental officials and Ribhav Rishi, the then Branch Manager of IDFC First Bank’s Sector-32 branch in Chandigarh.
Naresh Kumar has already been arrested in connection with the case.
Investigators allege that he played an active role in facilitating unauthorised banking transactions and provided telephonic confirmations required for processing certain payments.
Government Bank Accounts Allegedly Opened Without Approval
The CBI has alleged that Ribhav Rishi and other accused opened bank accounts belonging to Haryana government departments without following prescribed procedures.
According to investigators, the alleged fraud involved:
- Forged cheque books
- Fake account details
- Signed banking instruments
- Unauthorised fund transfers
- Accounts connected with the Mukhya Mantri Gramin Awas Yojana
- Transactions routed through IDFC First Bank and AU Small Finance Bank
The agency is examining whether these instruments were used to divert public money through fraudulent debit instructions and unauthorised banking operations.
₹1 Crore Allegedly Transferred Through Swastik Desh Projects
According to the chargesheet, approximately ₹1 crore was transferred into Naresh Kumar’s bank accounts through M/s Swastik Desh Projects.
The alleged transfers included:
- ₹40 lakh on November 13, 2025
- ₹40 lakh on November 15, 2025
- ₹10 lakh on November 27, 2025
- Another ₹10 lakh on November 27, 2025
The funds were allegedly transferred into accounts held with Union Bank of India and HDFC Bank.
The CBI has described these payments as part of the suspected proceeds connected with the alleged fraud.
₹25 Lakh Fortuner Payment Under Scanner
Investigators have further alleged that ₹25 lakh was paid directly from an AU Small Finance Bank account linked to M/s Swastik Desh Projects to an automobile dealership.
According to the CBI, the payment was used toward the purchase of a Toyota Fortuner registered in Naresh Kumar’s name.
The agency has also alleged that ₹10 lakh was transferred from the same source to the HDFC Bank account of Kumar’s daughter on August 29, 2025.
Bangkok, Macao, Dubai and Luxury Hotel Stays Alleged
Apart from financial transfers, the CBI has alleged that Ribhav Rishi financed several domestic and international trips for Naresh Kumar and his family.
The chargesheet refers to alleged benefits including:
- Family travel to Bangkok
- Travel to Macao
- A Mumbai trip
- Travel from Hyderabad to Chandigarh
- Hotel accommodation in Jaipur
- A luxury hotel stay in Pune
- Accommodation at Dubai’s Burj Al Arab
According to the agency, the expenditure was routed through travel agencies and is supported by travel records, hotel documentation and accounting records seized during the investigation.
Call Records Show Increased Communication
The CBI said call detail record analysis showed a significant increase in communication between Naresh Kumar and Ribhav Rishi from March 2025 onwards.
The highest frequency of calls was allegedly recorded between October and December 2025, which investigators identify as the period when the suspected fraudulent transactions were at their peak.
The agency is using the call records to establish the nature and timing of communication between the accused.
Documentary and Digital Evidence Under Examination
The CBI has stated that its allegations are supported by:
- Banking documents
- Call detail records
- Travel agency records
- Hotel invoices
- Vehicle purchase records
- Accounting documents
- Financial transaction trails
- Departmental records
Investigators are continuing to trace the complete flow of funds and identify all public servants, bankers, companies and private individuals who may have been involved.
Why This Case Matters
The alleged fraud involves public funds, government bank accounts, forged banking instruments and suspected collusion between public officials and banking personnel.
Such cases expose serious weaknesses in:
- Government account-opening controls
- Banking verification procedures
- Transaction approval systems
- Public fund monitoring
- Independent audit mechanisms
- Employee conflict-of-interest controls
Continuous transaction monitoring and independent financial verification are critical where large public deposits and government schemes are involved.
Conclusion
The ₹504 crore IDFC First Bank fraud investigation has expanded beyond unauthorised banking transactions to include allegations of direct payments, luxury benefits, foreign travel and vehicle purchases involving a Haryana government official.
The allegations in the CBI chargesheet have not yet been tested in court. The guilt or innocence of the accused will be determined through judicial proceedings based on the evidence presented.
Shunyatax Global Insight
Shunyatax Global says that large banking frauds involving public funds rarely arise from one failed control. They usually involve multiple breakdowns across account opening, transaction verification, maker-checker approvals, call-back confirmation, beneficiary validation and post-transaction audit.
Government departments and financial institutions should implement real-time transaction monitoring, independent bank reconciliation, dual authorisation, periodic forensic audits and strict verification of all changes to official bank mandates.