IDFC First Bank fraud: KPMG probing ₹590cr scam
A massive ₹590 crore fraud has been uncovered at IDFC First Bank's Chandigarh branch, where ex-branch manager Ribhav Rishi and relationship manager Abhay Kumar allegedly siphoned off funds from Haryana government accounts.
About ₹300 crore was funneled to a company run by Abhay Kumar's wife and her brother.
The scam only came to light when a government department tried to close its account and noticed the numbers didn't add up.
Bank's swift action saves its reputation
After the fraud came to light, the bank launched an internal review, informed regulators, filed a police complaint and appointed KPMG for a forensic probe.
By February 25, 2026, all four accused were arrested by Haryana's anti-corruption bureau under serious charges like cheating, forgery, and criminal conspiracy.
Acting fast, IDFC First Bank reimbursed ₹583 crore—including interest—to affected departments.
Meanwhile, opposition leaders are now calling for a CBI probe as a special team continues investigating how it all happened.