IDFC FIRST Bank has disclosed a ₹590 crore fraud at its Chandigarh branch involving government-linked accounts from Haryana. The fraud was discovered when the bank received account closure requests from Haryana Government departments and observed discrepancies between stated balances and actual account amounts. The bank has suspended four officials pending investigation and initiated strict disciplinary and criminal proceedings against responsible employees and external individuals. A forensic audit by an independent agency has been commissioned, and the bank is pursuing recovery through lien marking on suspicious beneficiary accounts across other banks. The fraud appears isolated to specific government accounts at the Chandigarh branch and does not affect other customers. The board and audit committee have been fully briefed on the matter.
