IDFC First Bank hit by ₹590 crore fraud
A huge ₹590 crore fraud has surfaced at IDFC First Bank's Chandigarh branch, after Haryana government departments tried to close accounts and transfer funds—only to find a big gap between what was reported and what was actually there.
Four bank employees have been suspended and are suspected of involvement, with investigators saying the irregularity involved physical cheque transactions and possible collusion with external parties.
The scam first appeared as a ₹490 crore issue but quickly grew to ₹590 crore.
Actions taken by bank, government
The Haryana government has de-empanelled the bank for government business and issued instructions to departments to stop routing funds, transfer existing balances and close accounts.
Chief Minister Nayab Singh Saini has reassured everyone that the money will be recovered.
IDFC First Bank suspended four employees who are suspected of involvement, started an internal probe, and says no senior staff were part of the scam.
Investigations—including police and forensic audits—are ongoing, while the bank's shares have fallen about 20% since news broke.