IDFC First Bank Share: Shares of IDFC First Bank Limited are in bad shape today. On Monday, February 23, the bank’s shares reached the lower circuit of 15 percent. The main reason for the fall in shares is the fraud of Rs 590 crore.

What is the matter?

This Mumbai-based private bank informed the exchange on Sunday that a department of the Haryana government had asked to close one of its accounts in the Chandigarh branch of the bank and transfer the money kept in it to the account of another bank. During this process, when the bank reconciled the accounts, it was seen that the actual balance was much less than the amount of money that should be there in the account as told by the department. Initial investigation revealed a difference of about Rs 590 crore in several accounts related to the Haryana government.

Who is behind the fraud?

Now the question arises that who misappropriated such a huge amount of money? The bank says that this is internal fraud. Some employees of the bank along with outsiders withdrew or transferred money from the account in an unethical manner. At present, the matter is being investigated and the bank has immediately suspended four employees until the investigation is completed. The government has also taken a tough stance on this incident.

Haryana Government has ordered all its departments to withdraw all their money from IDFC First Bank and AU Small Finance Bank and deposit it in other government banks. Meanwhile, it is a matter of relief for the common customers that this fraud will not have any impact on the savings accounts or fixed deposits of the general public. The bank has said that this fraud is limited only to special accounts of Haryana Government.

What is RBI’s stand on the matter?

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Monday said that it is monitoring the developments related to the Rs 590 crore fraud case at IDFC First Bank and there is no systemic problem in it. “We are keeping an eye on the developments, there is no systemic problem in this,” he told reporters at a press conference organized after the traditional address given by Finance Minister Nirmala Sitharaman to the Central Board of Directors of RBI after the Union Budget.

Earlier, IDFC First Bank Managing Director and Chief Executive Officer (CEO) V. Vaidyanathan said on Monday that a fraud of Rs 590 crore related to the accounts of Haryana government was carried out through the collusion of the bank’s employees and outside parties. This issue is limited to one entity and one customer group. This is not a case of any systemic ‘reporting’ error.

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Stocks to watch: Another new week of trading is going to start in the Indian stock market from today. During this period, IPOs of some companies will be launched. Apart from this, investors will also keep an eye on the development and infrastructure related to banking.

Clean Max is bringing IPO

The public issue (Clean Max Enviro Energy Solutions IPO) of Clean Max Enviro Energy Solutions is opening from today. There will be a chance to bid for this till 25th February. The price band for the IPO has been kept at Rs 1000–1053 per share and the lot size is 14 shares. That means investors will have to bid for a lot of at least 14 shares.

In this IPO of Rs 3100 crore, 1.14 crore new shares worth Rs 1200 crore will be issued and there will also be an Offer for Sale (OFS) worth Rs 1900 crore, in which about 1.80 crore shares will be sold. Even before the opening of the IPO, the company has raised Rs 920 crore from anchor investors like SBI Mutual Fund, HDFC Mutual Fund, Nomura India, 360 One and Franklin India.

These stocks will remain in focus

IDFC First Bank

A case of embezzlement of Rs 590 crore has come to light between the Haryana government and the Chandigarh branch of IDFC First Bank. After a complaint was lodged with the police, the matter is still under investigation. In this connection, four officers have been suspended until the investigation is completed.

This fraud came to light when a department of the Haryana government asked the person to close his account and transfer the money to another bank account, but discrepancies were found between the bank records and the balance stated by the department. The impact of this news can be seen on the shares of IDFC First Bank today.

PI Industries

Shares of PI Industries will trade ex-dividend today at an interim dividend of Rs 5 per share. There may be changes in the stock price due to dividend payment.

NHPC

NHPC’s board approved investment of Rs 2,709 crore in Uri Stage-II and Dulhasti Stage Hydroelectric Projects. Work on this is expected to start from March 1, 2026.

NTPC Green Energy

NTPC Green Energy shares may see movement today as the company has announced the commissioning of its 158.4 MW solar PV project in Andhra Pradesh.

Vedanta

Vedanta shares are going to be in focus today because in the board meeting to be held on February 25, the company will take a decision on raising capital by issuing non-convertible debentures (NCDs).

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Big fraud of Rs 590 crore in IDFC FIRST Bank! Crores stolen from Haryana government’s accounts; 4 officers suspended

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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