IDFC First Bank uncovers ₹590 crore fraud at branch
IDFC First Bank has found a huge ₹590 crore fraud at its Chandigarh branch, where some employees reportedly tampered with government-linked accounts.
The scam came to light when a Haryana department tried to close an account and noticed the numbers didn't add up.
Bank takes strict action, appoints external agency to conduct audit
Turns out, more Haryana government accounts had similar issues, all adding up to the same massive amount.
The bank has suspended four staff members and will pursue strict disciplinary, civil and criminal action against the employees and other external individuals responsible.
They are in the process of appointing an independent external agency to conduct a forensic audit, filed a police complaint, and are working with other banks to recover the money.
For now, they're focused on getting answers and making sure this doesn't happen again.