Chief Minister Naib Singh Saini in Haryana Assembly. photo x
State Bureau, Chandigarh. The government's surgical action worked in the Rs 590 crore scam involving IDFC First Bank and AU Small Bank. In just 24 hours, Rs 556 crore has returned to government accounts, which also includes interest of Rs 22 crore.
While sharing the information about the recovery of the entire amount in the Assembly on Tuesday, Chief Minister Nayab Singh Saini said that the state government is working on zero tolerance policy regarding monitoring and security of every penny. He announced the formation of a high-level committee under the chairmanship of the Finance Secretary on this serious matter.
The committee will not only investigate the role of government employees/officials involved in the irregularities, but will also give its recommendations on stronger monitoring mechanisms, financial protocols and technical security measures to prevent such cases in future.
Congress MLA created ruckus in the house
On the third day of the budget session, Congress demonstrated outside the Assembly and raised questions on the functioning of the government. On this, the Chief Minister retorted directly and said that in the earlier governments, the files of irregularities were suppressed, hence the scams were never revealed.
There is nothing in our government which does not come to light. We have recovered the entire money. No one will be spared. Congress MLAs created a ruckus in the House on this statement of the CM, but the timeline of recovery and swift action put the opposition on the defensive.
According to the government, this irregularity happened in two banks located in Chandigarh. Apart from the Chandigarh branch of IDFC First Bank, this problem came to light in AU Small Finance Bank of Sector-32 of the UT itself. According to preliminary facts, some employees made unauthorized and wrongful transfers of money from government accounts. It is suspected that some outsiders were also involved in this game.
Such irregularities are usually detected through internal 'flagging' in the banking system, and it was this technical alert that exposed the entire matter. IDFC First Bank informed the stock exchange that some of its employees had made unauthorized transactions in government accounts. After this the bank immediately suspended four suspicious employees.
All documents related to fraud shared
Started forensic audit from an independent external agency. Recall requests were sent to other banks to identify accounts with suspicious transactions and information about the entire incident was sent to the Reserve Bank of India.
A meeting of the bank's Special Fraud Monitoring Committee was called on 20 February, while an important meeting of the Audit Committee and Board of Directors was held on 21 February, in which all the documents and recovery plan related to the fraud were shared.
At the same time, after the issue was raised in the Assembly, the Anti-Corruption Bureau (ACB) has registered an FIR in Panchkula Sector-17 police station. In FIR number 4, employees of IDFC First Bank and AU Small Bank as well as unidentified persons have been named as accused.
The case has been registered under serious sections of PC Act and economic offences. The investigation has been handed over to DSP Shukrapal. Besides, the Vigilance Department is also conducting its parallel investigation.
Committee will recommend action
Chief Minister Naib Singh Saini said that a high level committee has been formed under the chairmanship of the Finance Secretary for investigation. Of course, the government's money has returned but this committee will find out which officers and employees of the Haryana government were involved in this scam.
Also, the committee will recommend action against such officers and employees. Apart from this, the committee will also give its recommendations to the government regarding creating a strong financial security framework for the future.
Technical tracking revealed the secret
According to investigation sources, some irregular transactions had started taking place in the accounts of government departments. After this, preliminary investigation conducted by the bank revealed that some transactions took place without authorized permission.
The amount was distributed among several accounts and the role of outsiders appeared suspicious. When the bank confirmed the error, the government was immediately informed and then the recovery process started.
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