By Admin 
IDFC FIRST Bank: A big case related to fraud in IDFC First Bank has come to light. IDFC First Bank made an important disclosure on Saturday saying that it has detected a suspected fraud of about Rs 590 crore in its Chandigarh branch, which is linked to some accounts of the Haryana government. In a regulatory filing to the stock exchange on February 21, the bank said it had conducted a preliminary internal investigation following information received from a department of the Haryana government.
What is the matter of fraud?
The bank said that the irregularities first came to light when it received a request from a department of the Haryana government to close its account and transfer funds to another bank. In this process the bank noticed the difference between the balance shown in the account and the actual balance in the account. The investigation started from here and later many flaws came to light. From 18 February 2026, some other institutions of Haryana Government were also in contact with the bank regarding their accounts. There was also a further discrepancy observed between the balance recorded in the system and the balance reported by the concerned government entities.
Based on initial investigation, the bank found that the matter was limited to certain specific accounts related to the Haryana government, which were being operated through the Chandigarh branch. The bank also clarified that this matter is not related to other customers of Chandigarh branch.
The bank said in its filing that in the accounts in which irregularities were detected during investigation, an amount of about Rs 590 crore came under the scope of reconciliation. The bank said, “The impact of this can be decided on the basis of receipt of further information, validation of claims, any kind of recovery. Legal action will also depend on this.”
Four officers suspended
Taking the matter seriously, the bank has taken several steps. A special committee meeting of the board was called on February 20 to monitor and follow-up the fraud cases. The audit committee and board of directors were also informed about this on 21 February. The four suspected officers have been dismissed pending the completion of the investigation. Apart from this, the bank is also in the process of appointing an independent external agency to conduct forensic audit. A complaint has also been lodged with the police.
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