IDFC First Bank hit by ₹590cr scam: Report
A huge ₹590 crore scam has come to light at IDFC First Bank, where a group allegedly set up fake companies to funnel government money into their own pockets.
Most of the action happened through 12 accounts tied to eight government departments, mainly at the bank's Chandigarh branch.
The trick? Forged bank statements and fake debit memos were used to move funds without valid authorisation.
11 arrests made, including government official
Police have arrested 11 people so far, including six bank employees and a government official, with 10 already in judicial custody.
During raids at 16 locations, they seized documents, over 25 electronic devices, and even six luxury cars believed bought with the stolen cash.
Authorities are also looking into 10 properties possibly purchased using this money, and the investigation is still ongoing as they track where all the funds went.