A significant development has emerged in the ongoing financial fraud case involving IDFC First Bank and government accounts in Haryana. On Saturday, the State Vigilance and Anti-Corruption Bureau (SV&ACB) arrested a key accused identified as a “middleman” in the scam linking government funds to private accounts. The arrest comes amid a broader probe into alleged siphoning of funds worth ₹590 crore from various Haryana government accounts through accounts at the bank’s Chandigarh (Sector 32) branch.
Who Is the Middleman?
The arrested individual, Naresh Kumar Bhuwani, is a 52-year-old superintendent in the Panchayat and Development Department of Haryana and a resident of Mohali (SAS Nagar). Investigators say Bhuwani played a central role in diverting funds from government accounts to private individuals and entities. He allegedly received multiple payments from accounts tied to the shambolic operation, including:
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₹40 lakh on November 13, 2025
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₹40 lakh on November 15, 2025
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₹10 lakh on November 27, 2025
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An additional ₹10 lakh on November 27, 2025
His daughter was also credited with ₹10 lakh, and another ₹25 lakh was reportedly used to purchase a Toyota Fortuner.
How the Scam Worked
Preliminary investigation suggests Bhuwani acted as a conduit between government officials and other accused members of the scam, including former IDFC First Bank staff and private associates. A private firm named Swastik Desh Project, reportedly linked to some of the accused, was used as a vehicle to siphon government funds:
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Funds were diverted from accounts of multiple Haryana government bodies, including the Haryana School Shiksha Pariyojana Parishad, the Pollution Control Board, and departments associated with Panchayati Raj.
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Afterwards, money flowed to jewellers, private individuals, and others through a network coordinated by the accused.
Bhuwani’s arrest is expected to help investigators uncover the modus operandi, identify all beneficiaries, and resolve the intricate web of transactions underpinning the scam.
Arrest and Custody
Following police questioning, Bhuwani was taken into custody on Saturday. At the request of the ACB, a local court granted him six days’ remand for further interrogation. Law enforcement officials have highlighted his significance in shedding light on the full scope of the fraud and the roles played by other accomplices.
Broader Probe and Arrests
Earlier in the investigation, four other suspects including two former bank officials and two private individuals were arrested by the ACB. These include:
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Former bank branch head Ribhav Rishi
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Ex-relationship manager Abhay Kumar
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Swati Singla and Abhishek Singla, both associated with the private company used to launder funds
The probe continues, with investigators working to trace the movement of funds, uncover forged documents, and determine whether there was collusion within the bank or government departments.