US EditionIDFC First Bank probes suspected $65 mln fraud in accounts of government entities
Four suspended employees at a Chandigarh branch are under investigation for unauthorized activities causing discrepancies in Rs 590 crore government-linked accounts, IDFC First Bank said.
- On February 22, 2026, IDFC First Bank said it is investigating a suspected $65 million fraud at its Chandigarh branch, flagging Rs 590 crore under reconciliation and suspending four employees.
- When a Haryana government department sought account closure, discrepancies emerged and from February 18, 2026, other Haryana Government entities reported balance differences confined to Chandigarh branch accounts.
- A Special Committee convened on February 20 to consider the matter, while the Audit Committee and Board of Directors met on February 21; the bank will appoint an independent external agency for forensic audit and sent recall requests to beneficiary banks to lien-mark suspicious balances.
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IDFC First Bank probes suspected $65 mln fraud in accounts of government entities
India's IDFC First Bank said it was investigating a suspected fraud of $65 million by some employees involving accounts of local government entities and that the bank had alerted the police.
IDFC First Bank Fraud News: Staff Collusion Suspected in INR 590 Crore Haryana Govt Account Fraud | 📰 LatestLY
IDFC First Bank reported a INR 590 crore fraud at its Chandigarh branch involving Haryana govt accounts. Four employees were suspended after discrepancies were found during account closures on February 18, 2026. Haryana has since de-empanelled the bank for government business and ordered a state-wide reconciliation of all department funds. 📰 IDFC First Bank Fraud News: Staff Collusion Suspected in INR 590 Crore Haryana Govt Account Fraud.
IDFC First Bank employees at Chandigarh branch suspected in ₹590 crore fraud involving Haryana govt-linked accounts
IDFC First Bank said four employees at a Chandigarh branch are suspected to be involved in ₹590 crore fraud involving Haryana government-linked accounts, in collision with other entities. Here's all we know…
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