The Central Bureau of Investigation (CBI) has arrested an accounts officer and a clerk in connection with the Rs 657-crore IDFC First Bank scam, shifting the probe to the Haryana Labour Department. The arrests relate to the alleged misappropriation of Rs 50.05 crore from the bank account of the Haryana Labour Welfare Board (HLWB), a component of the larger fraud.
Arrests and Court Proceedings
Accounts officer Jugal Kishore and accounts clerk Amit Kumar were produced before the CBI Special Court in Panchkula on Wednesday and remanded to two-day police custody. According to the CBI, Kishore had been functioning as the accounts officer of the board since August 21, 2024, and was the authorised signatory of the account opened with IDFC First Bank in Chandigarh.
The CBI alleged that Kishore proposed the constitution of the committee for shortlisting banks and signed all letters, cheques, and correspondence with the banks. Investigators found that he signed the account opening form for the savings account with IDFC bank, even though the competent authority had only sanctioned the opening of a fixed deposit. By opening the savings account, Kishore allegedly enabled the creation of an operable account through which funds were siphoned. He also signed fund-transfer letters, including one transferring Rs 50 crore into the savings account.
Role of the Clerk and Shell Companies
Amit Kumar, an accounts clerk with the board since January 1, 2019, initiated the note-sheet for investing board funds in fixed deposits and drafted letters inviting quotations from banks and letters for opening FDs. The CBI told the court that he played an active role in opening the unauthorised savings account and concealing the fraud of over Rs 50 crore.
The then relationship manager of the bank, Kumar, was identified as the lead generator for the savings account, which showed 12 fraudulent debit transactions. Of these, Rs 15.50 crore went to Swastik Desh Projects, Rs 21.11 crore to Capco Fintech Services, and Rs 13.44 crore to SRR Planning Gurus Pvt Ltd — all shell entities floated by the accused. The CBI noted that Chirag Gulati of IDFC bank had informed Kishore that the fixed deposits did not exist and that Kumar’s services had been terminated, yet Kishore continued to deal with him.
Investigation and Impact
The CBI’s investigation into the Rs 657-crore scam has now expanded to include the Haryana Labour Welfare Board, with the arrests highlighting the alleged involvement of board officials in facilitating the fraud. The misappropriation of Rs 50.05 crore from the HLWB account represents a significant portion of the total scam amount. The CBI continues to probe the role of other individuals and entities in the case.
