IDFC First Bank recently uncovered a major financial scam involving ₹590 crore at its Chandigarh branch. This issue surfaced when a Haryana Government department asked to close its account. During the fund transfer, officials found a massive gap between the actual bank balance and the government’s records.
Consequently, the bank launched a deep internal review of other accounts. This investigation revealed similar mismatches across several Haryana Government-linked folders at the same branch. However, the bank confirmed that this scam only involves specific government accounts. Therefore, individual and corporate customers at the Chandigarh branch remain unaffected and their money is safe.
Preliminary findings suggest that a few employees colluded with outsiders to carry out these fraudulent activities. As a result, the bank has already taken the following steps:
Suspensions: Management placed four suspected employees under immediate suspension.
Legal Action: The bank is now pursuing criminal and civil cases against the culprits.
Recovery: Officials are working to freeze beneficiary accounts to recover the lost funds.
While the missing amount is quite large, the final loss depends on the recovery process. The bank continues to cooperate with authorities to resolve this matter quickly.
