IDFC First Bank employees at Chandigarh branch suspected in ₹590 crore fraud involving Haryana govt-linked accounts
Four employees at IDFC First Bank branch in Chandigarh are suspected of being involved in an incident ₹The bank informed the stock exchanges on February 21 that a Rs 590-crore scam was committed targeting Haryana government-linked accounts.
According to the application, IDFC First Bank detected fraudulent activities by certain employees at a branch in Chandigarh, potentially involving other persons or entities. The total amount within the scope of reconciliation between accounts determined in a particular branch is approximately ₹590 crore.
The fraud was detected after a preliminary internal assessment, the lender said in its filing to BSE. It was also stated that the affected customers comprised a select group of government-linked accounts operated under the Government of Haryana through the said branch in Chandigarh.
What steps has IDFC First Bank taken so far?
According to the filing, the bank has notified the regulator, filed a complaint with the police and is also in the process of filing further complaints with appropriate law enforcement agencies and reporting to relevant authorities. He added that “full cooperation” would be extended to investigative agencies.
Meanwhile, the bank added that it was in the process of appointing an independent external agency to conduct an independent Forensic Audit. And he notified his legal auditors of the fraud.
He added that the following steps were taken internally:
