A major scandal involving approximately 590 crore rupees related to IDFC First Bank has shaken political circles and led to swift actions from investigative agencies in Haryana. The Vigilance team arrested four individuals, including the alleged mastermind Ribhav Rishi, a former bank manager, who is accused of orchestrating the fraud through the establishment of fake companies to embezzle government funds. The government claims to have retrieved the full amount, but many questions remain about the execution of the scam.

The scam's revelations began following a routine procedure when the Haryana government issued an order around February 2026 to de-list IDFC First Bank and AU Small Finance Bank from official government operations. This directive was aimed at removing any potential collusion and mismanagement in state-funded activities. Following this, investigators uncovered that the operations leading to the massive embezzlement were extensive and deeply embedded within banking protocols, leading to a comprehensive probe into the financial network associated with the accused.

In the aftermath of these arrests, the agencies are not only focusing on the financial trails but are also scrutinizing the broader implications of such fraudulent activities on state finances and public trust in banking institutions. The ongoing investigations may reveal further complicity, require systemic reforms in banking practices, and instigate changes in regulations to prevent similar occurrences in the future.