IDFC FIRST Financial institution Ltd, a personal financial institution, has reported a fraud of Rs 590 million at certainly one of its branches in Chandigarh.
“The entire quantity below reconciliation throughout the accounts recognized within the above-mentioned branches is roughly Rs 590 crore. The affect could also be decided based mostly on receipt of additional info, verification of claims, recoveries of any nature together with these made by the method of marking liens on fraudulent beneficiary accounts maintained with different banks, money owed of different entities concerned in fraudulent transactions, and authorized restoration processes,” the financial institution knowledgeable the inventory exchanges.
The financial institution stated it had obtained a request from sure ministries of the Haryana authorities to shut the account and switch funds to a different financial institution.
“In the course of the course of, sure discrepancies have been noticed in account balances and said quantities,” the financial institution stated in its submitting.
“From February 18, 2026, sure different Haryana authorities companies engaged with the financial institution relating to their respective accounts with the financial institution. Throughout this course of, discrepancies have been noticed between the balances within the accounts and the balances talked about by the involved Haryana authorities companies having accounts with the financial institution,” it stated.
“Primarily based on the preliminary inner investigation performed, the problem is proscribed to a selected group of government-related accounts throughout the Haryana authorities operated by the involved department in Chandigarh and doesn’t prolong to different clients of the Chandigarh department,” it added.
After the matter got here to gentle, the financial institution suspended the 4 suspects pending an investigation.
The financial institution stated it might “pursue extreme disciplinary, civil and felony actions towards the accountable workers and different exterior people in accordance with relevant legislation.”
“A gathering of the Board’s Particular Committee for the Monitoring and Monitoring of Fraud Instances (SCBMF) was convened on February 20, 2026, and the matter was referred to the committee,” it stated.
“A gathering of the Audit Committee and Board of Administrators was convened on February 21, 2026 to report on this matter,” the submitting states.
The financial institution plans to nominate an impartial exterior company to conduct an impartial forensic audit and has despatched recall requests to sure beneficiary banks to grab marked balances of suspect accounts held by these banks.
