Chandigarh, May 12 (IANS) The ED arrested two former employees of IDFC First Bank in connection with an ongoing investigation into the embezzlement of Rs 645 crore from the bank accounts of the Haryana government, the Chandigarh Administration, and others, an official said on Tuesday. The Directorate of Enforcement (ED), Chandigarh Zonal Office, arrested Ribhav Rishi and Abhay Kumar on Monday under the provisions of the Prevention of Money Laundering Act (PMLA),2002, the official said.After t…
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Hyderabad, April 21 (IANS) In a move to combat cybercrime, Hyderabad Police Commissioner VC Sajjanar has suggested critical changes to the banking system, stating that such reforms are imperative to dismantle organised syndicates operating across the country. In a detailed letter addressed to Reserve Bank of India Governor Sanjay Malhotra on Tuesday, the Commissioner highlighted how ‘mule accounts’ created in the names of innocent individuals have become the focal point of cyber fraud.These reve…
Hyderabad, April 19 (IANS) The Hyderabad City Police have dismantled a pan-India cyber fraud network with the arrest of 52 accused, including 32 bank officials in nine states. Hyderabad Police Commissioner V. C. Sajjanar said on Sunday that a major operation titled Operation Octopus 2.0 was launched to dismantle an organised cyber fraud network.Sixteen special teams comprising seasoned investigators conducted the operation simultaneously across nine states over a span of seven days.The Commissio…
Mumbai, March 30 (IANS) Banking stocks came under heavy selling pressure on Monday, with the Bank Nifty index falling over 2 per cent in the early trade, as the Reserve Bank of India’s (RBI) recent measures aimed at supporting the rupee came into effect.All constituents of the Bank Nifty traded in the red, indicating broad-based weakness across the banking pack. The index declined as much as 2.65 per cent, or 1,386.45 points, to 50,888.15, hitting an intraday low around 10:45 a.m. It was tradi…
New Delhi, March 25 (IANS) A major financial irregularity has come to light in Haryana, where the Panchkula Municipal Corporation has found discrepancies of over Rs 150 crore in its fixed deposits with Kotak Mahindra Bank. The development comes just a month after a Rs 590-crore fraud was reported at the Chandigarh branch of IDFC First Bank.According to NDTV Profit report, the civic body had invested funds in fixed deposit receipts (FDRs) at the bank’s Sector 11 branch.However, the issue surfac…
Chandigarh, March 13 (IANS) The ED conducted searches at 19 premises across Chandigarh, Mohali, Panchkula, Gurgaon and Bangalore in connection with the IDFC First Bank case involving embezzlement of public funds amounting to Rs 597 crore, an official said on Friday. During the searches, more than 90 bank accounts have been frozen, and incriminating material in the form of digital as well as documentary evidence has been seized, an ED official said in a statement.The Directorate of Enforcement (E…
Chandigarh, March 12 (IANS) The investigation into the IDFC First Bank scam has revealed that the main accused created several shell companies and illegally transferred government funds to various accounts, Additional Director General of Police Charu Bali, who is posted with the State Vigilance and Anti-Corruption Bureau, said on Thursday. She said preliminary investigations have revealed that funds were transferred from government department accounts to these shell companies without authorizati…
New Delhi, March 10 (IANS) IDFC First Bank on Tuesday said it paid Rs 645 crore in claims linked to the fraud at its Chandigarh branch, about Rs 55 crore more than its initial estimate, and confirmed no further discrepancies have been found.IDFC First Bank said in an exchange filing that “against the initial estimate of principal of Rs 590 crore, the bank has received claims and paid the net principal amount of Rs 645 crore.”The claims “pertain to the same incident and linked to the same branc…
New Delhi, Feb 25 (IANS) Credit card spending remained subdued at Rs 1,990 billion in January 2026, growing 8.1 per cent year-on-year, a report has said on Wednesday.However, data compiled by Asit C. Mehta Investment Intermediates Limited showed that it has declined by 2.7 per cent compared to the previous month.The report noted that the sequential decline in spending was largely driven by lower spends from the top four banks.State Bank of India saw the biggest drop, with spending falling by Rs …
Chandigarh, Feb 25 (IANS) Haryana Director General of Anti-Corruption Bureau, Arshinder Singh Chawla, on Wednesday said four accused were arrested in the IDFC First Bank fraud case involving government departments as the money was transferred to the Swastik Desh project, a private firm owned by some of the accused. They have been identified as Ribhav Rishi, Abhishek Singla, Abhay Kumar and Swati Singla.“A letter was received on February 23 regarding embezzlement of Panchayat Department funds, …