₹590 crore fraud at IDFC First Bank: How one branch defrauded govt accounts & rattled bank’s shares
First Bank(US:FRBA) The Economic Times·2026-02-23 07:47What began as a routine account closure request has quickly evolved into a multi-agency investigation, a forensic audit, and a sharp erosion of investor confidence.The trigger that exposed the mismatchThe situation came to light on February 18, when the Haryana Finance Department issued a circular de-empanelling IDFC First Bank and AU Small Finance Bank for government business.“IDFC First Bank and AU Small Finance Bank are hereby de-empanelled for government business in Haryana with immediate effect till f ...