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IDFC First Bank found suspected Rs 590 crore fraud in Haryana-linked accounts; four officials suspended, forensic audit and police probe ongoing.
IDFC FIRST Bank found a suspected fraud at its Chandigarh branch.
IDFC First Bank Share Price: Shares of IDFC First Bank are in focus on Monday, February 23, after the private lender has reported that it has suspected fraud accounting for Rs 590 crore in Haryana government-linked accounts, involving the staff and officials.
With immediate effect, the Haryana government has de-empaneled IDFC First Bank and AU Small Finance Bank for government business after the fraud was detected.
In the release, the bank said four officials have been suspended, and a forensic audit will be conducted by an independent complaint.
“…we wish to inform you that based on a preliminary internal assessment (upon receipt of communication from a particular Department of Government of Haryana), the Bank has identified an incident involving unauthorized and fraudulent activities by certain employees at a particular branch in Chandigarh and potentially involving other individuals / entities/ counterparties,” the bank said in the filing.
The Bank has filed a complaint with the Police authorities and will extend full cooperation to the investigating agencies. Moreover, the Bank has sent recall request to certain beneficiary banks to lien mark balance in suspicious accounts held in these banks.
How Did It Come Under Bank’s Notice?
The Bank received a request from a particular Department of Haryana Government for closure of its account and transfer of funds to another bank. In the filing, the bank said certain discrepancy were observed in the amount mentioned vis-à-vis the balance in the account.
From February 18, 2026 onwards, certain other Haryana Government entities engaged with the Bank with regard to their respective accounts with the Bank. During this process, differences were observed between the balances in the account and the balances as mentioned by the said Haryana Government entities holding accounts with the Bank.
Based on the preliminary internal review conducted, the matter is confined to a specific group of government-linked accounts within Haryana Government operated through the said branch inChandigarh and does not extend to other customers of the Chandigarh Branch.
The aggregate amount under reconciliation across the identified accounts at the above mentioned Branch is approximately Rs 590 crore.
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