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A major financial irregularity worth nearly Rs 590 crore has emerged at a branch of IDFC First Bank in Chandigarh, sending shockwaves across the banking sector and triggering swift action from regulators and government authorities. The incident, linked to accounts of the Haryana government, has rais
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The fraud involves an amount of nearly Rs 590 crore.
The fraud affected accounts of the Haryana government.
No, the Haryana Chief Minister stated that the bank restored most of the funds, along with applicable interest, shortly after the fraud was detected.
Preliminary findings indicate that a small group of branch officials at the bank's Chandigarh branch allegedly carried out unauthorised transfers.
The issue surfaced during routine reconciliation when government officials noticed discrepancies while reviewing account balances at the bank's Chandigarh branch.
Following the disclosure, shares of IDFC First Bank experienced sharp volatility as investors reacted to governance concerns.
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