Your Weekly dose of Legal, Technology and Risk Insights
TOP STORY OF THE WEEK
How a Former Branch Manager Orchestrated a Rs590 Crore Fraud at IDFC FIRST Bank
A Rs 590-crore fraud at the Chandigarh branch of IDFC FIRST Bank was allegedly masterminded by former branch manager Ribhav Rishi, who diverted funds from Haryana government department accounts into a company owned by his wife and brother-in-law. Haryana's Anti-Corruption Bureau has arrested four people so far; Rishi, former relationship manager Abhay, Rishi's wife Swati Singla, and her brother Abhishek Singla. Nearly Rs 300 crore was routed to their firm, where Swati holds a 75% stake and Abhishek 25%. Authorities have identified Rishi and Abhay as the main accused and will present them in court.
LEGAL & TECH
Delhi Excise Policy Case: Arvind Kejriwal and Manish Sisodia Granted Relief; Central Bureau of Investigation to Move Delhi High Court
A Delhi court has discharged all 23 accused in the Delhi excise policy case, including Arvind Kejriwal, Manish Sisodia, and K. Kavitha. Special Judge Jitendra Singh closed the case filed by the Central Bureau of Investigation, ruling that there was no overarching conspiracy or criminal intent in the excise policy. The court held that the prosecution’s case was based on conjecture and failed to establish a prima facie case. It also criticized the CBI for relying on approver statements to build its narrative and recommended a departmental inquiry against officials for procedural lapses.
Nainital Bar Association inaugurates digital e-library
The District Bar Association of Nainital has inaugurated a digital e-library to enhance legal research and speed up judicial processes. District Judge Prashant Joshi highlighted that quick access to higher court judgments will improve efficiency and transparency in justice delivery. The platform features AI-based tools to answer legal queries across civil, criminal, service, tribunal, and Negotiable Instruments Act matters, and also assists advocates in drafting petitions and applications.
Supreme Court Quashes Criminal Proceedings, Finds No Prima Facie Case Made Out
The Supreme Court examined whether the criminal proceedings initiated against the appellant were legally sustainable. Upon reviewing the complaint and materials on record, the Court found that the matter arose from a contractual/commercial dispute and did not satisfy the essential ingredients of the alleged criminal offences. Observing that criminal law cannot be used to settle civil disputes or exert pressure in commercial matters, the Court held that continuation of the case would amount to abuse of process. It accordingly quashed the proceedings, while leaving the parties free to pursue appropriate civil remedies.
CORPORATE COMPLIANCE
Ministry of Corporate Affairs Notifies Companies Compliance Facilitation Scheme, 2026
The Ministry of Corporate Affairs (MCA) has issued a circular, introducing the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026). The scheme provides a one-time compliance window for companies to regularise pending statutory filings with reduced additional fees and condonation of delay. It will remain operational from April 15, 2026 to July 15, 2026. Under the scheme, companies can file pending annual returns and financial statements with the MCA-21 registry. Alternatively, they may apply for dormant status or seek closure in accordance with the provisions of the Companies Act, 2013.
Key Payroll & Compliance Changes Indian Employers Should Prepare for in 2026
India's regulatory framework has seen a major overhaul with all four national Labour Codes in force since November 2025 and the Income Tax Act, 2025 set to take effect from April 1, 2026. Together, these reforms mark the most significant payroll compliance shift in decades. Businesses must urgently align their HR, payroll, and tax processes to avoid penalties and compliance gaps.
RISK INTELLIGENCE
IPO Scam Probe: Income Tax Department Conducts Raids at Banker's Offices in Noida
The Income Tax Department conducted raids on premises linked to Delhi-based merchant banker Kulbhushan Parashar as part of a probe into alleged irregularities in SME IPOs. Led by the Noida investigation wing, officials searched 20 locations across three cities. Preliminary findings suggest IPO shares were allegedly allotted to relatives, associates, and dummy investors to create artificial demand and inflate prices, misleading retail investors. Authorities seized documents and digital evidence, and further names may come under scrutiny, with findings likely to be shared with the Securities and Exchange Board of India.
Telangana CID Arrests Falcon Group COO in Alleged Rs 4,200-Crore Investment Scam
The Crime Investigation Department has arrested Falcon Group COO Vikas Kumar Sakhare for his alleged role in a Rs 4,200-crore digital investment scam, nearly two months after the arrest of the firm's MD Amardeep Singh. Investigators said Sakhare developed and promoted the Falcon Invoice Discounting app, using social media and tele-callers to create fake MNC-linked deals and lure investors with promises of high returns. The network allegedly collected Rs 4,215 crore from over 7,000 investors. So far, more than 4,000 victims have been identified, with liabilities estimated at Rs 792 crore.