IDFC FIRST Bank Flags ₹590 Cr Fraud in Chandigarh Branch

IDFC FIRST Bank Limited disclosed a potential fraud incident on February 21, 2026, involving unauthorized activities by certain employees at its Chandigarh branch, linked to Haryana Government accounts.

The issue surfaced from a Haryana Government department's account closure request, revealing discrepancies between stated balances and actual funds. Further probes from February 18 showed mismatches in other Haryana entity accounts at the branch. Preliminary review confirms the matter is isolated to specific government-linked accounts, not affecting other customers.

Aggregate reconciliation value across affected accounts is approximately ₹590 crore. Final impact depends on claim validation, recoveries (including liens on beneficiary accounts at other banks), and legal proceedings.

Bank Actions Taken

- Suspended four suspected officials; pursuing disciplinary, civil, and criminal actions.

- Convened Special Committee of the Board for Monitoring Frauds (February 20), Audit Committee, and Board (February 21).

- Appointing independent forensic audit agency; informed statutory auditors.

- Filed police complaint; cooperating with investigators and issuing recall requests to beneficiary banks.

Shares of IDFC First Bank Limited was last trading in BSE at Rs. 83.56 as compared to the previous close of Rs. 82.96. The total number of shares traded during the day was 412924 in over 4104 trades.

The stock hit an intraday high of Rs. 83.82 and intraday low of 82.33. The net turnover during the day was Rs. 34386115.00.

Source : Equity Bulls

Keywords

IDFCFirstBank INE092T01019 Fraud ChandigarhBranch BalanceDiscrepancy HaryanaGovernmentDepartmentAccount