3 months ago
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IDFC FIRST Bank Ltd, a backstage assemblage slope has reported ₹590 crore fraud astatine 1 of its branches successful Chandigarh.
“The aggregate magnitude nether reconciliation crossed the identified accounts astatine the supra mentioned Branch is astir ₹590 crore. The interaction whitethorn beryllium determined based connected receipt of further information, validation of claims, recoveries of immoderate quality including those made done the process of marking lien connected fraudulent beneficiary accounts maintained with different Banks, liabilities of different entities progressive successful the fraudulent transactions, and the ineligible betterment process,” the slope informed the banal exchanges.
The slope said it received a petition from a peculiar Department of Haryana Government for closure of its relationship and transportation of funds to different bank.
“In the process, definite discrepancy were observed successful the magnitude mentioned vis-à-vis the equilibrium successful the account,” the slope said successful the filing.
“From February 18, 2026 onwards, definite different Haryana Government entities engaged with the Bank with respect to their respective accounts with the Bank. During this process, differences were observed betwixt the balances successful the relationship and the balances arsenic mentioned by the said Haryana Government entities holding accounts with the Bank,” it said.
“Based connected the preliminary interior reappraisal conducted, the substance is confined to a circumstantial radical of government-linked accounts wrong Haryana Government operated done the said subdivision successful Chandigarh and does not widen to different customers of the Chandigarh Branch,” it added.
After the substance came to airy the slope has placed 4 suspected officials nether suspension pending investigation.
The slope said it “will prosecute strict disciplinary, civilian and transgression enactment against the employees and different outer individuals responsible, successful accordance with applicable law.”
“A gathering of the Special Committee of the Board for Monitoring and Follow-up of Cases of Frauds (SCBMF) was convened connected February 20, 2026 and the substance was placed earlier the Committee,” it said.
“The gathering of the Audit Committee and the Board of Directors were convened connected February 21, 2026 to apprise connected the matter,” it said successful the filing.
The slope volition name an autarkic outer bureau to behaviour an autarkic Forensic Audit, and has sent callback petition to definite beneficiary banks to lien people equilibrium successful suspicious accounts held successful these banks.
