Legal22 Feb 2026, 09:31 am
IDFC First Bank Ltd Identifies Fraudulent Activities of Approximately INR 590 Crore in a Chandigarh Branch
AI Summary
IDFC First Bank Ltd has identified unauthorized and fraudulent activities by certain employees at a particular branch in Chandigarh. The fraud involves accounts held by certain departments of the Government of Haryana and potentially other individuals/entities. The preliminary internal assessment shows an approximate reconciliation amount of INR 590 crore. The bank has taken actions including placing suspected officials under suspension, pursuing strict disciplinary, civil, and criminal actions, and cooperating with investigating agencies. An independent external agency has been appointed to conduct a forensic audit.
Key Highlights
- IDFC First Bank Ltd identified fraudulent activities in a Chandigarh branch involving Government of Haryana accounts.
- The preliminary internal assessment shows an approximate reconciliation amount of INR 590 crore.
- Four suspected officials have been placed under suspension pending investigation.
- An independent external agency has been appointed to conduct a forensic audit.
- The bank has filed a complaint with the Police authorities and will extend full cooperation to the investigating agencies.