CBI court rejects bail of IDFC First Bank manager in Rs 550 crore Haryana fraud case

A special CBI court in Haryana has dismissed the first regular bail plea of Ribhav Rishi, former branch manager of IDFC First Bank's Sector 32 Chandigarh branch, in a case involving alleged fraudulent withdrawal and diversion of Haryana government funds worth approximately Rs 550 crore. The court, presided over by Special Judge Vijayant Sehgal, on August 21 observed that the allegations pointed to a large-scale economic offence and that the prosecution had established prima facie evidence of Rishi's active involvement in the conspiracy.

The case originates from discrepancies detected in funds and fixed deposits of Haryana government departments maintained with IDFC First Bank and AU Small Finance Bank. The CBI alleged that Rishi was the "principal architect and mastermind" of the fraud, opening government accounts without mandatory approvals and using forged debit notes, cheques, and other documents to transfer funds to shell entities. The agency claimed that at least 25 fraudulent debit transactions totalling Rs 187.3 crore were authorised by Rishi across multiple government accounts, and that fake FDRs and account statements were shared with departments to conceal the fraud.

Opposing bail, the CBI argued that releasing Rishi could allow him to influence witnesses and tamper with evidence, citing electronic evidence including WhatsApp chats, call records, and emails. The defence contended the investigation was hasty and that the documentary evidence could not be tampered with. The court, while dismissing the bail application, clarified its observations were limited to the bail decision and would not affect the trial. Rishi was arrested on February 24, 2026.