Major Fraud Unveiled at IDFC First Bank Branch in Chandigarh
IDFC First Bank reported a Rs 590-crore fraud involving employees and others connected to Haryana government accounts. The case, isolated to a Chandigarh branch, triggered police complaints and internal reviews. Investigations, including a possible forensic audit, are ongoing as recovery efforts commence.
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IDFC First Bank recently unveiled a significant fraud amounting to Rs 590 crore within its operations, connected to accounts held by Haryana's government. The fraudulent activities involved certain bank employees and external parties, according to the regulatory filing.
Discrepancies arose when a closure and balance transfer request highlighted inconsistent amounts in accounts associated with Haryana's governmental entities. The matter, currently isolated to a Chandigarh branch, was promptly reported to both the banking regulator and police, leading to the suspension of four employees pending further investigation.
In efforts to address the issue, IDFC First Bank consulted a special committee and plans an independent forensic audit. The lender also initiated recovery measures and assured stakeholders of strict penalties for those involved. Despite this setback, the bank reported a notable rise in deposits and significant profit growth in the last quarter of 2025.
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