IDFC FIRST Bank has uncovered a significant fraud totalling Rs 590 crore. About this incident, it includes the employees in the Chandigarh branch of this. Four of the suspects are still pending. For those, the inspection is going on. These matters still having work. The bank is also appointing an independent agency to conduct a forensic audit. Strict action will be taken against all involved parties.
This first bank said that some employees at its Chandigarh branch were involved in fraudulent activities involving Rs. 590 crores from accounts linked to the Haryana government. The banks are a safe place to keep your transactions and money, as it is made for this, but nowadays so many frauds are happening there, even the banks need to be online, ways each and every thing need to be online.
“The Bank will pursue strict disciplinary, civil and criminal action against the employees and other external individuals responsible, in accordance with applicable law. This is the proof that will be said in the court by the bank in throw stock exchange filing.
The bank sends a recall request to certain beneficiary banks to lien mark the balance in suspension held in these banks.”
The lender is in the process of appointing an independent external agency to conduct an independent forensic audit. The fraud was uncovered after the bank received a request from the Haryana government. In this process, certain details were observed over there; the work is going through a very special process.
From February 18, 2026, certain Haryana government entities approached the bank regarding their respective accounts. discrepancies were noticed between the account balances held with the bank and the government entities.
About the whole incident in the hearing of the court, the statement which is given by the bank was that fraudulent activities were confined to a special group. It does not extend to the other branches of Chandigarh. All departments, corporations, boards, and PSUs were instructed to transfer balances, close accounts with the affected banks, and ensure fixed deposits complied with approved terms.
The bank said it identified its involving unauthorised by some employees. The issue surfaced after the bank received a request from a department of the Haryana government to close its account and transfer funds to another bank. The justification bank give I think, it’s a usual way. Differences were noted between the balances in the bank’s records and those cited by the entities. The aggregate amount under reconciliation across the identified accounts is approximately ₹590 crore.
It will pursue strict disciplinary, civil and criminal action against the employees and other external individuals responsible, in accordance with applicable law. The court wants to lessen true very true.
In this case, the Board of Directors met on February 21, 2026, to apprise itself of the developments. This bank has an independent internal agency to conduct a forensic audit. A police complaint has been filed. The bank said this all happen with in a full corporation throw investigation agency.
Be careful nowadays from the frauds it is most doing in banks nowadays. We need to take care of our bank accounts. Do not share details with anyone; anyone can do what they want to do with your bank account. This case is of the Haryana side. In IDFC First Bank.
More Stories
In the new PMO, PM Modi’s first decisions focus on the welfare of women, farmers, and youth
Hope and uncertainty as India and the US strike long-delayed trade deal
PM Modi vows stronger India-Malaysia ties in strategic pivot, says ‘no compromise’ on terrorism