The CBI has registered an FIR in the alleged embezzlement of ₹550 crore from the Haryana government’s accounts maintained with IDFC First Bank in Chandigarh after taking over the investigation in the matter, official sources said Thursday.

The Haryana government had transferred the probe to the central probe agency. The referral was sent to the agency on Wednesday by the Department of Personnel and Training, they said.

The CBI registered the FIR taking over the case earlier probed by the Haryana State Vigilance and Anti-Corruption Bureau (SV & ACB).

“The case pertains to fraudulent banking operations and fictitious transactions allegedly undertaken in a systematic manner to siphon off Government funds into the accounts of shell entities, including Swastik Desh Project, SRR Planning Gurus Pvt. Ltd., Cap Co Fintech Services, R.S. Traders, and other associated firms/individuals, resulting in a substantial loss to the public exchequer,” the vigilance department of Haryana said while referring the case to the agency.

According to the police and ED allegations, Haryana government funds were supposed to be deposited by various departments of the state in the bank in FDs but were allegedly diverted by the accused for their personal purpose, the sources said.

Preliminary probe shows “huge” funds have been transferred to various shell (dummy) companies and minor jewellery entities and finally siphoned off under the guise of gold purchase and investment into real estate sector, the sources said.

They said a “significant” amount of cash withdrawals has also been noticed in this money trail.

Considering the magnitude, complexity, and gravity of the case, including its inter- state ramifications, the possibility of transnational diversion of proceeds of crime, involvement of multiple entities, including public servants and banking officials, and the significant impact on public finances and institutional integrity, the State Government is of the considered view that the investigation requires to be entrusted to a specialized central agency to ensure a comprehensive, impartial, and credible probe, the letter from the vigilance department said.

The SV & ACB has arrested a number of people in the case, of which two are ex-IDFC First Bank employees and the rest are private persons who own a partnership firm.

Role of a Chandigarh-based hotelier, involved in construction of real estate projects in the Tricity (Chandigarh-Mohali-Panchkula), and AU Small Finance Bank is also under the scanner.

IDFC First Bank had said it has paid out 100 per cent of the principal and interest to the relevant departments of the Haryana government, which works out to ₹583 crore.

“The bank remains committed to working together with the relevant Haryana Government departments and the law enforcement agencies to pursue actions against the perpetrators of the fraud and looks forward to recovering our dues,” IDFC First Bank said in a regulatory filing.

Published on April 9, 2026

Banks should endeavour to credit the inward payments received during the foreign exchange market hours within the same business day to the beneficiary’s account, per the guidelines
| Photo Credit:
DHIRAJ SINGH

To enhance the efficiency of cross- border inward payments, the Reserve Bank of India has issued new guidelines, whereby banks may put in place a straight through process for crediting the inward payments to the account of individual residents.

This aforementioned process should be based on their risk assessment and subject to compliance with extant FEMA (Foreign Exchange Management Act) guidelines.

Banks may, within a reasonable time frame, also endeavour to provide digital interface to their customers to facilitate foreign exchange transactions, including submission of documents or information, and monitoring of transactions.

The guidelines require banks to inform their customer of the receipt of cross-border inward transactions immediately on receipt of inward message.

Messages received after close of operating hours of banks will be informed to customer immediately at the start of the next business day.

The guidelines require banks to undertake reconciliation and confirmation of credit in the nostro account (held by a domestic bank in a foreign bank) frequently either on near real time basis or at periodic intervals. The reconciliation interval should normally not exceed one hour.

Banks should endeavour to credit the inward payments received during the foreign exchange market hours within the same business day to the beneficiary’s account, per the guidelines.

Further, they should credit the inward payments received after market hours on the next business day, subject to compliance with the extant FEMA and other regulatory requirements.

Published on April 9, 2026

K. Rathnam, CEO and Whole-time Director, Milky Mist Dairy Food
| Photo Credit:
Rajmohan S _12122@Chennai

Milky Mist has beaten its own revenue growth estimates in FY26 driven by broad-based growth across its ice creams, beverages, paneer, cheese and other categories and a stand-out performance of the emerging protein offerings, K Rathnam, CEO and Whole-time Director, Milky Mist Dairy Food, told businessline.

“The ballpark figure, what we estimated was 33 per cent top line growth. And we have achieved a 34 per cent top line growth. Whatever the estimates we did at the beginning of the year, we are able to exceed the target,” he said. Being a complete value-added dairy company, and having the products starting from breakfast to dinner table, we are in a better position despite the marco situation and see a bright future, he observed. The company clocked revenue of around ₹3,275 crore in FY26.

Founded in Erode, Tamil Nadu, Milky Mist is one of the leading dairy brands in India, producing value-added dairy products like paneer, cheese, yogurt, curd, ice cream, butter and ghee. It does not sell milk, enabling higher margins and strong positioning akin to FMCG companies.

IPO

The dairy value-add company obtained approval from SEBI for its ₹2,035 crore IPO in October 2025, and says they are evaluating the market conditions and looking for the “right opportunity” to kick off the listing. The IPO is definitely on track, he adds, noting that the SEBI approval expires in October this year. The offer comprises a fresh issue of up to ₹1,785 crore and an offer for sale of up to ₹250 crore by promoter shareholders.

Summer demand

An early and intense summer has set the demand for ice creams and beverages going up already, at a rate higher than last summer, Rathnam said. The 15-20 per cent increase in packaging material cost may impact the bottom-line marginally, he added. “More and more demand is coming for our high protein categories like Greek yogurt, high-protein paneer and high-protein cheddar among others. In protein offerings, we have been growing 100 per cent as compared to the last year.”

Manufacturing plans

As for capacity planning, Rathnam notes that the company’s efforts to expand production in the last two years has now become operational, and there is still a large headroom for capacity expansion. “Our existing plant (in TN) can do three times or three to four times of revenue what we have achieved now in FY26,” he said.

The company, which recently signed an investment MoU with the Maharashtra government, has now taken the possession of a land parcel at Baramati, and the facility is in planning stage. “About 25-30 per cent of our revenue comes from non-South regions, so it makes sense for us to have decentralised, manufacturing operations,” he said.

Quick Commerce – beyond the hype

As for the bump in business from the quick commerce wave, Rathnam says that quick commerce is now “a way of life” in India. “It’s not a hype, but it’s a reality; they are doing well,” he said. The channel now contributes 10 per cent of revenue for Milky Mist.

Published on April 9, 2026