IDFC First Bank scam: Probe widens, 11 held, over 100 accounts frozen
Funds allegedly routed from govt dept accounts to shell companies
The investigation into the Rs 590-crore IDFC First Bank scam has revealed that the main accused created several shell companies and allegedly diverted government funds to multiple bank accounts.
Key findings so far
11 accused arrested — including six bank employees
12 bank accounts of eight government departments under scrutiny
10 accounts in IDFC First Bank, two in AU Small Finance Bank
Over 100 accounts frozen during investigation
10 properties blocked from further sale
16 locations raided by investigators
25+ electronic devices seized for forensic examination
Six luxury vehicles seized, suspected to be bought with illegal funds
Preliminary findings suggest that funds were transferred from accounts of government departments to shell companies without proper authorisation. Among the firms identified during the investigation are RS Traders, Cap Co Fintech Services, SRR Planning Gurus Pvt. Ltd. and Swastik Desh Project.
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Additional Director General of Police Charu Bali and Special Investigation Team head and Superintendent of Police Ganga Ram Punia shared details of the ongoing probe at the State Vigilance and Anti-Corruption Bureau office on Thursday.
According to Punia, investigators have so far identified the involvement of 12 bank accounts belonging to eight government departments. Of these, 10 accounts were maintained at the Chandigarh branch of IDFC First Bank, while two were held at AU Small Finance Bank.
A total of 11 accused have been arrested so far, including six bank employees, four private individuals and one government employee. Ten of them are currently in judicial custody, while one accused is on police remand.
Investigators have conducted raids at 16 locations as part of the probe and collected video footage from several sites.
Documents related to property purchases have also been recovered. More than 25 electronic devices, including mobile phones and laptops, have been seized and are being examined with the help of a cyber-forensic laboratory.
Six vehicles — including three Toyota Fortuners, two Innovas and one Mercedes — have also been seized and are suspected to have been purchased using proceeds of crime.
“More than 100 accounts have been frozen, and 10 properties have been blocked for further sale. These properties are suspected to have been purchased with proceeds of crime,” said Punia.
Officials said a detailed examination of bank accounts for the past year was underway and the process was nearing completion.
The investigation has also found that funds were transferred using fake debit memos or without valid debit memos in bank records. In some instances, fake bank statements were allegedly prepared to facilitate transfers to accounts directly or indirectly linked to the accused or their family members.
Bali said the investigating agency had collected a large volume of records from banks and government departments and was analysing them to trace the entire flow of funds.
She added that investigators were examining both authorised and unauthorised transactions as part of the effort to identify the full extent of the alleged fraud.
When asked about recommendations made for opening accounts in IDFC First Bank and AU Small Finance Bank, Bali said the matter was still under investigation. On the possibility of involvement of bureaucrats, she said the probe was ongoing.
