Former IDFC bank manager seeks bail in Rs.590-crore bank fraud case
Panchkula, Aug. 13 -- Former branch manager of IDFC First Bank, Sector 32, Chandigarh, Ribhav Rishi, along with key accused has filed a bail application before the special CBI court in the Rs.590 crore bank fraud case.The court has sought a response from the Central Bureau of Investigation (CBI) and adjourned the matter for August 17.
The State Vigilance and Anti-Corruption Bureau (SV & ACB) had arrested four people, including Rishi, in February in connection with the case. The alleged fraud involves the siphoning of Haryana government funds through shell companies and fraudulent banking transactions. Later, the case was transferred to the CBI, which registered a fresh FIR in the matter.
According to the CBI, Rishi, along with co-accused, allegedly played a role in opening bank accounts of Haryana government departments without following the prescribed procedure.
It further alleged that fake account details, forged cheque books and signed banking instruments were submitted to banks, facilitating unauthorised transactions. The payments were processed without proper verification, allowing government funds to be transferred to shell companies controlled by the accused. The money was subsequently routed through other entities unrelated to government work, allegedly to conceal the trail of the funds....
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