IDFC First Bank fraud: Employees suspended, probe on
A huge ₹590 crore fraud hit IDFC First Bank's Chandigarh branch, where a handful of employees allegedly teamed up with outsiders and used fake cheques to pull off unauthorized transactions.
The scam surfaced on February 18 when a department tried to close an account and spotted that the numbers didn't add up.
Now, both the Anti-Corruption Bureau and Finance Secretary committee are digging into what happened.
Bank managed to recover almost all the money
The employees involved were quickly suspended, and police cases were filed under anti-corruption laws.
The bank brought in KPMG for a deep-dive audit expected to last several weeks.
Impressively, Haryana's Chief Minister said the bank managed to recover almost all the money—₹556 crore plus ₹22 crore interest—within just 24 hours.
While the investigation continues, Haryana has dropped IDFC First Bank from its approved list of banks, but investigators are examining the role of government officials, with some senior IAS officers reportedly under scrutiny.