US EditionIDFC First Bank probes suspected $65 mln fraud in accounts of government entities
IDFC First Bank detected Rs 590 crore fraud through forged cheques in Haryana government accounts, suspending four staff and initiating forensic audit and police investigation.
- 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.
61 Articles
61 Articles
IDFC First Bank fraud case: Ex-bank employees among 4 arrested by Haryana authorities in Rs 590-crore scam
Haryana's State Vigilance and Anti-Corruption Bureau has arrested four individuals, including two former IDFC First Bank employees and two private partners, in connection with a Rs 590-crore fraud. The arrests were made Tuesday evening as part of an ongoing investigation into the scam affecting ...
Crackdown in Haryana: IDFC First Bank Fraud Unraveled
Crackdown in Haryana: IDFC First Bank Fraud Unraveled In a significant development, Haryana's State Vigilance and Anti-Corruption Bureau has apprehended four individuals linked to the IDFC First Bank fraud case, officials confirmed on Wednesday.The arrests took place on Tuesday evening and included two former employees of IDFC First Bank along with two private individuals who own a partnership firm. This move is part of the ongoing probe into a …
Hundreds of crores disappeared from state government accounts? But it came back within 24 hours? Another big bank corruption allegation in the country
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…
Coverage Details
Bias Distribution
- 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
