IDFC FIRST Bank Detects ₹590 Crore Fraud in Haryana Government Accounts, Employees
Mumbai, February 22, 2026: IDFC FIRST Bank Limited has detected unauthorized and potentially fraudulent activities involving certain employees at its Chandigarh branch, affecting a specific group of Haryana Government-linked accounts. The total aggregate amount under reconciliation is estimated at ₹590 crore.
The matter came to light following account closure requests and fund transfer instructions from a Haryana Government department. A preliminary internal review identified discrepancies between account balances and amounts claimed by the government entities. The issue appears confined to this specific set of accounts and does not extend to other customers of the branch.
Immediate Actions Taken by the Bank
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Four employees suspended pending investigation.
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Special Committee of the Board (SCBMF) convened on 20 February 2026 to monitor and follow up on the fraud.
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Audit Committee and Board of Directors briefed on 21 February 2026.
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Independent forensic audit being commissioned to assess the extent and cause of the fraud.
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Statutory auditors informed.
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Police complaint filed, with full cooperation to investigative agencies.
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Requests sent to beneficiary banks to mark lien on suspicious accounts to secure funds.
The Bank has stated that further impact will be determined after validation of claims, potential recoveries, liabilities of other involved parties, and ongoing legal processes.
The disclosure has been made in compliance with SEBI Listing Regulations and uploaded on the Bank’s website for transparency.
Satish Gaikwad, General Counsel and Company Secretary of IDFC FIRST Bank, emphasized that the Bank is pursuing strict disciplinary, civil, and criminal action against the employees and other external individuals responsible, in accordance with applicable laws.
This incident highlights the importance of robust internal controls and forensic vigilance in protecting public and institutional funds.