IDFC First Bank has disclosed a Rs 590 crore fraud at its Chandigarh branch involving accounts linked to the Haryana government.

IDFC First Bank has disclosed a Rs 590 crore fraud at its Chandigarh branch involving accounts linked to the Haryana government. The bank confirmed that employees at the branch engaged in fraudulent activities, with four suspected officials suspended pending investigation. The fraud came to light when the Haryana government requested account closure and fund transfers, revealing discrepancies between reported balances and actual account amounts. The lender has filed a police complaint and is pursuing strict disciplinary, civil, and criminal action against responsible employees and external individuals. IDFC First Bank has also initiated a recall request to beneficiary banks to mark suspicious accounts and appointed an independent external agency for forensic audit.