The investigation into the IDFC First Bank scam has uncovered that the main accused established multiple shell companies and illicitly moved government funds to various accounts. Additional Director General of Police Charu Bali, from the State Vigilance and Anti-Corruption Bureau, disclosed that unauthorized transfers were made from government department accounts to these shell entities. Among the companies involved are R.S. Traders, Cap Co Fintech Services, S.R.R. Planning Gurus Private Ltd, and Swastik Desh Project.
Preliminary findings indicate that a case was filed on February 23 against unidentified officials of IDFC First Bank and AU Small Finance Bank under specific sections of the Prevention of Corruption Act of 1988 and the Indian Penal Code of 2023. The probe has exposed the utilization of 12 bank accounts across eight departments, with ten located at IDFC First Bank’s Sector 32 branch in Chandigarh and two at AU Small Finance Bank. Raids have been carried out at 16 locations related to the case, with video evidence obtained from some sites.
Authorities have apprehended 11 suspects, including six bank staff, four private individuals, and one government employee. Ten of the accused are presently in judicial custody, while one is under police remand. During searches, the investigative team recovered vital documents linked to property acquisitions suspected to have been funded by criminal proceeds. Additionally, more than 25 electronic devices have been confiscated for forensic examination, including mobile phones and laptops.
