IDFC First Bank Detects Rs 590 Crore Fraud Linked To Haryana Govt Accounts, Suspends Four Officials

A major financial irregularity has come to light as IDFC First Bank detects a suspected fraud of approximately ₹590 crore linked to certain Government of Haryana accounts at its Chandigarh branch. The issue surfaced after a government department requested the closure of its account and transfer of funds, prompting the bank to notice discrepancies between the stated and actual balances. Subsequent interactions with multiple government entities revealed further inconsistencies, leading to a preliminary internal investigation. The bank has clarified that the matter is restricted to a specific set of government-linked accounts and does not impact other customers. As part of immediate action, four officials have been suspended. This is a ground report from Chandigarh by our reporter Kamaljeet, bringing you the latest developments, on-ground reactions, and what this could mean for accountability and financial oversight.