Business Update5 Jun 2026, 09:51 pm
IDFC First Bank: Forensic Report on Chandigarh Incident Received
AI Summary
IDFC First Bank has received the Forensic Review Report from KPMG regarding the fraudulent activities at its Chandigarh branch. The report confirms collusion involving bank employees, customer employees, and third parties, with a net principal amount of approximately ₹646 crore, aligning with previous disclosures. The bank has paid the amount and interest, recognizing it in Q4FY26, and is cooperating with investigative authorities. The bank has implemented enhanced preventive controls to strengthen its framework.
Key Highlights
- Forensic report on Chandigarh fraud received from KPMG.
- Confirms collusion; net principal amount ~₹646 crore.
- Bank paid amount and interest, recognized in Q4FY26.
- Isolated incident; additional preventive controls implemented.
- Bank is a victim and cooperating with authorities.