IDFC First Bank fraud case
Chandigarh: The Haryana government has dismissed an official of the Development and Panchayat Department from service in connection with the Rs 590 crore IDFC First Bank fraud case.
"The government has taken strict action in major financial case by dismissing Naresh Bhuwani, Superintendent in the Development & Panchayats Department, from service. The action has been taken under the provisions of Article 311(2)(b) of the Constitution after a detailed investigation into a criminal conspiracy and the emergence of substantial evidence," an official statement quoting a government spokesperson said on Friday.
This decision has been taken in line with the government's zero-tolerance policy towards corruption, it said.
The spokesperson said that Chief Minister Nayab Singh Saini had issued strict directions that corruption at any level would not be tolerated and that strict action would be taken against anyone found guilty, regardless of their position.
As per the statement, the government spokesperson said, "An inquiry committee constituted in February 2026 by the director, Development and Panchayats Department, had uncovered irregularities and discrepancies in accounts operated in IDFC First Bank and AU Small Finance Bank. Based on the committee's report and supporting documents, the case was referred to the State Vigilance and Anti-Corruption Bureau (SV&ACB) for criminal investigation".
Subsequently, on February 23, 2026, an FIR was registered at the SV&ACB police station in Panchkula under various sections of the Prevention of Corruption Act and the Bharatiya Nyaya Sanhita.
"During the investigation, it emerged that the case involved an organised, multi-layered financial fraud, in which government funds were transferred to 'shell companies' through fraudulent banking transactions," the spokesperson said.
The investigation further revealed that Naresh Bhuwani, in alleged collusion with private individuals and other accused persons, had created a fake firm used for siphoning off government funds. Crores of rupees were transferred from the firm's accounts to his personal accounts and were used to purchase private properties.
"The government has taken strict action in major financial case by dismissing Naresh Bhuwani, Superintendent in the Development & Panchayats Department, from service. The action has been taken under the provisions of Article 311(2)(b) of the Constitution after a detailed investigation into a criminal conspiracy and the emergence of substantial evidence," an official statement quoting a government spokesperson said on Friday.
This decision has been taken in line with the government's zero-tolerance policy towards corruption, it said.
The spokesperson said that Chief Minister Nayab Singh Saini had issued strict directions that corruption at any level would not be tolerated and that strict action would be taken against anyone found guilty, regardless of their position.
As per the statement, the government spokesperson said, "An inquiry committee constituted in February 2026 by the director, Development and Panchayats Department, had uncovered irregularities and discrepancies in accounts operated in IDFC First Bank and AU Small Finance Bank. Based on the committee's report and supporting documents, the case was referred to the State Vigilance and Anti-Corruption Bureau (SV&ACB) for criminal investigation".
Subsequently, on February 23, 2026, an FIR was registered at the SV&ACB police station in Panchkula under various sections of the Prevention of Corruption Act and the Bharatiya Nyaya Sanhita.
"During the investigation, it emerged that the case involved an organised, multi-layered financial fraud, in which government funds were transferred to 'shell companies' through fraudulent banking transactions," the spokesperson said.
The investigation further revealed that Naresh Bhuwani, in alleged collusion with private individuals and other accused persons, had created a fake firm used for siphoning off government funds. Crores of rupees were transferred from the firm's accounts to his personal accounts and were used to purchase private properties.
