IDFC First Bank uncovers ₹590cr fraud at Chandigarh branch
IDFC First Bank uncovered a suspected fraud of about ₹590 crore under reconciliation at its Chandigarh branch involving unauthorized transactions from Haryana government-linked accounts.
The scam came to light when a department tried to close an account and found the balance didn't match the bank's records, sparking an internal probe.
Preliminary findings and actions taken
Early findings suggest some bank employees, possibly working with outsiders, manipulated account balances for reasons under investigation.
Four officials have been suspended, police are involved, and KPMG is running a forensic audit. The RBI says there's no wider risk to the banking system.
Meanwhile, Haryana has cut ties with IDFC First Bank and ordered a full investigation—Chief Minister Saini promises all stolen funds will be recovered.