“We will spare no one”: IDFC First Bank CEO says on ₹590 crore fraud

IDFC First Bank on Monday said it is engaging with various investigative agencies to recover ₹590 crore lost due to a fraud at its Chandigarh branch, where the Haryana government had multiple accounts. The bank’s MD, CEO V. Vaidyanathan says the lender will “spare no one” as it suspects that the bank’s employees colluded with external parties to commit the fraud.“This is basically a case where debit instructions came supposedly from the client, which clearly indicates fraudulent activity. Our people have p ...