US EditionIDFC First Bank probes suspected $65 mln fraud in accounts of government entities
IDFC First Bank found Rs 590 crore fraud linked to Haryana government accounts involving forged cheques and employee collusion, with four officials suspended and a forensic audit underway.
- On February 22, 2026, IDFC FIRST Bank Ltd disclosed a potential 590 crore discrepancy at a Chandigarh branch linked to Haryana government accounts after informing stock exchanges on February 21.
- During account-closure and transfer processing, a Haryana government department's request revealed discrepancies between claimed amounts and account balances, with other Haryana entities engaging from February 18, 2026.
- The bank's preliminary review found the matter confined to government-linked accounts at the said Chandigarh branch and identified `unauthorised and fraudulent activities` by certain branch employees, potentially in collusion with external individuals, entities or counterparties.
- IDFC FIRST Bank filed a police complaint and said it will extend full cooperation to investigating agencies while suspending four suspected officials pending investigation.
- The bank convened board and committee meetings on February 20 and 21 to review the matter, with the final impact depending on validation, recoveries including lien marking, and legal proceedings.
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36 Articles
RBI watching development around IDFC First Bank fraud: Guv Malhotra
New Delhi: The RBI is watching the development around the Rs 590 crore fraud at IDFC First Bank and there is no systemic issue, Governor Sanjay Malhotra said on Monday, February 23. IDFC First Bank had on Sunday disclosed a Rs 590-crore fraud committed by certain employees and others at a particular branch in Chandigarh in a specific set of Haryana state government accounts. Also ReadExpectedly, RBI keeps interest rates unchanged “We are watchin…
Haryana Govt funds targeted in Rs 590 cr fraud at IDFC Bank; RBI says 'monitoring developments'
IDFC First Bank disclosed a major financial irregularity involving Rs 590 crore linked to Haryana government accounts. The incident has prompted the Haryana government to de-empanel IDFC First Bank, along with AU Small Finance Bank, from handling government business. While IDFC First Bank has acknowledged the fraud, AU Small Finance Bank has denied any involvement. How the fraud occurred According to the bank, the fraud was a result of collusion…
IDFC First Bank hit by Rs 590-crore fraud: What we know so far
What began as a simple balance check has now expanded into a Rs 590-crore reconciliation exercise, a regulatory disclosure, multiple internal meetings at the highest levels of the bank, and a sharp selloff in the lender’s stock.
IDFC Share Crash: IDFC First Bank's shares crashed on Monday after a major fraud involving ₹590 crore was exposed. This bank fraud is said to be worth ₹590 crore.
IDFC First Bank shares fall nearly 19% as lender discloses Rs 590-crore fraud by employees
IDFC First Bank said that a preliminary internal review was conducted, and the matter is 'confined to a specific group of government-linked accounts within Haryana Government operated through the said branch in Chandigarh'
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