The probe into the IDFC First Bank scam has revealed that the main accused formed several shell companies and illegally transferred government funds to multiple accounts. Additional Director General of Police Charu Bali, posted with the State Vigilance and Anti-Corruption Bureau, shared the details on Thursday.
She said initial probe show that funds were transferred from accounts of various government departments to these shell companies without proper authorisation. The companies allegedly used in the scam include R.S. Traders, Cap Co Fintech Services, S.R.R. Planning Gurus Private Ltd, and Swastik Desh Project.
Speaking to reporters in Panchkula, she said that on February 23 a case was registered against unknown officials of IDFC First Bank and AU Small Finance Bank. The case was registered under provisions of the Prevention of Corruption Act, 1988, along with several sections of the Indian Penal Code, 2023.
Investigators have so far identified the involvement of 12 bank accounts linked to eight government departments. Ten of these accounts are at IDFC First Bank’s branch in Sector 32, Chandigarh, while two belong to AU Small Finance Bank.
The Vigilance Bureau has conducted raids at 16 locations in connection with the case. Video footage from some of these locations has also been obtained as part of the investigation, she said.
The Additional Director General said that 11 accused persons have been apprehended so far. These include six bank employees, four private individuals, and one government official. Out of the 11 accused, 10 are currently in judicial custody, while one accused is in police remand.
During searches, investigating officers recovered several important documents related to property purchases suspected to have been made using money obtained through the crime.
Officials have also seized over 25 electronic devices, including mobile phones and laptops. These devices have been sent to the Cyber Forensic Laboratory for examination. Authorities have also recovered six luxury vehicles, including three Toyota Fortuners, two Innovas, and one Mercedes. According to investigators, these vehicles are suspected to have been purchased using illicit funds.
In addition, authorities have sent requests to freeze more than 100 bank accounts suspected to be linked to the fraudulent transactions. Investigators have also found signs of unauthorised financial transactions across eight government departments. A detailed examination of financial records from the past year is currently underway and nearing completion.
So far, the probe has indicated the involvement of several government officials, employees, and private individuals. She said that once their involvement is confirmed, the Vigilance Bureau will take appropriate action against those responsible.
Investigators have also identified 10 properties that are suspected to have been purchased using the proceeds of the crime. The investigation has further revealed that the accused manipulated banking records. In some cases, fake debit memos were prepared, while in others funds were transferred without valid debit memos or cheque authorisation.
Officials also found that forged bank statements were created to enable the transfer of funds to multiple accounts directly or indirectly connected to the accused and their relatives.
As per the Additional Director General of Police, investigators have collected a large volume of records from banks and government departments. These records are being carefully analysed to identify authorised and unauthorised transactions and trace the complete flow of funds.
The Vigilance Bureau said relevant information is also being shared with other investigating agencies whenever needed. The case is currently being pursued in close coordination with multiple government agencies.
Also read: IDFC First Bank flags ₹ 590-cr fraud at Chandigarh branch
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