A major financial irregularity amounting to Rs. 590 crore has surfaced at IDFC First Bank’s Chandigarh branch, involving accounts linked to the Haryana Government. A case has been registered in connection with the alleged fraud, and the bank has suspended four of its employees pending investigation.
According to official sources, the irregularity came to light during an internal reconciliation process. The bank subsequently informed the Stock Exchange about the development and initiated internal action against the concerned officials.
The issue pertains to funds held in accounts operated on behalf of the Haryana Government. Upon noticing discrepancies, the state government directed the bank to close the concerned accounts and transfer the funds to another bank. During the reconciliation exercise that followed, the bank detected a fraud amounting to Rs. 590 crore.
In a regulatory disclosure, the bank stated that it has taken immediate corrective steps, including suspending four employees allegedly connected with the matter. The case has now been formally registered, and further investigation is underway to ascertain the modus operandi and identify accountability.
Officials indicated that detailed forensic scrutiny is expected to determine how the irregularities occurred and whether there was any systemic lapse in oversight mechanisms.
The bank has not yet disclosed whether the misappropriated funds have been fully recovered. Meanwhile, authorities are examining the financial trail to establish the extent of liability and possible criminal involvement.
Further updates are awaited as investigative agencies proceed with the probe.
