IDFC First Bank hit by ₹590cr fraud
A major fraud of ₹590 crore has hit IDFC First Bank's Chandigarh branch, where some employees reportedly made unauthorized transactions in government accounts.
The issue came to light in mid-February after officials noticed account balance mismatches during a routine closure request.
Shares of IDFC First Bank fell 20% on Friday
The fallout has been swift—four bank officials are suspended, police are investigating, and departments have been instructed to transfer funds to other authorized banks and close the accounts.
Haryana's Chief Minister promised a full probe and recovery of the money, while RBI reassured there's no wider risk to the banking system.
Still, the bank's shares took a big hit, dropping 20% and wiping out ₹14,000 crore in market value—reminding everyone how quickly trust (and money) can disappear when oversight slips.