Banking & NBFCs · Daily brief
Investigators are pursuing beneficiaries and officials linked to alleged siphoning of government treasury funds from a single private bank branch in Chandigarh and Ludhiana.
The Central Bureau of Investigation has carried out raids across five locations in Chandigarh and Ludhiana, targeting beneficiaries and officials tied to a ₹657 crore scam at IDFC FIRST Bank.
Of the total, ₹504 crore was allegedly siphoned from Haryana Government accounts, and ₹153 crore from Chandigarh Smart City and Municipal accounts.
The alleged modus operandi involved fake Fixed Deposit Receipts, forged signatures, unauthorized debits, and a network of shell entities used to launder the proceeds.
The scale of the alleged fraud points to a single branch manager bypassing maker-checker protocols to issue fake FDRs and route funds to shell accounts.
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