Four people have been arrested in the ₹590-crore IDFC First Bank fraud case. Haryana’s State Vigilance and Anti-Corruption Bureau made the arrests on 24 February evening as a part of the ongoing investigation, PTI reported.Among those arrested are two former IDFC First Bank employees, Ribhav Rishi and Abhay. The other two accused are Abhay’s wife, Swati Singla, and her brother, Abhishek Singla. They are private individuals and run a partnership firm.The Anti-Corruption Bureau (ACB) earlier registered an FIR ...

This follows the bank’s payment of 100% of the principal and interest to the concerned Haryana government departments, amounting to a net Rs 583 crore. The issue came to light on Sunday, when the bank revealed that a Rs 590-crore fraud had been detected involving its employees and others in accounts linked to the Haryana government. The Anti-Corruption Bureau had earlier registered an FIR in the matter, while the Haryana government set up a committee to examine the suspected fraud. What the bank saidThe ban ...

A committee formed by the director of the development and panchayats department of Haryana has recommended a police investigation after uncovering alleged forgery and procedural lapses involving officials from both IDFC First Bank and AU Small Finance Bank. This committee was formed on February 11 to inquire into the matter related to IDFC Bank First accounts regarding "mismatch/issues".The findings of this committee have been included in the FIR registered by the State Vigilance Anti-Corruption Bureau, fol ...

Haryana Chief Minister Nayab Singh Saini on Tuesday (February 24, 2026) informed the State Assembly that the State government had recovered nearly ₹556 crore owed to it in the IDFC First Bank case."Nearly ₹556 crore, including nearly ₹22 crore in interest, came back within 24 hours," Mr. Saini said in the House.On Sunday (February 22, 2026), the bank disclosed a ₹590-crore fraud committed by its employees and others in accounts held by the Haryana government."I want to clarify before the House that the mon ...

Haryana Chief Minister Nayab Singh Saini on Tuesday informed the State Assembly that the state government had recovered nearly ₹556 crore owed to it in the IDFC First Bank case."Nearly ₹556 crore, including nearly ₹22 crore in interest, came back within 24 hours," Saini said in the House.On Sunday, the bank disclosed a ₹590-crore fraud committed by its employees and others in accounts held by the Haryana government."I want to clarify before the House that the money concerning Haryana government departments, ...

IDFC First Bank share price today (AI image)IDFC First Bank on Monday said it expects to stay profitable despite a Rs 590-crore impact from fraudulent transactions involving Haryana government-linked accounts, even as its shares fell 16% during the day.Addressing analysts on a conference call, Managing Director and CEO V Vaidyanathan said the irregularities were traced to employee collusion at the bank’s Chandigarh branch. He said that KPMG has been appointed to conduct a forensic audit and noted that the b ...

What 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 ...

Shares crashed as much as 20%, the steepest fall since March 2020, after the private lender disclosed that employees at its Chandigarh branch had carried out unauthorized transactions in accounts linked to the Haryana state government, creating a deposit balance discrepancy of approximately Rs 590 crore.The fraud amount eclipses the bank's Q3 net profit of Rs 503 crore. UBS estimated the suspected amount at roughly 22% of Jefferies said the bank will need to strengthen operational controls and clarify that ...

.The bank's filing comes after the state directed its departments to close accounts with private lenders on Feb 18. The matter was escalated to the bank's board at a hastily convened meeting on Feb 21, after the lender filed a police complaint and notified regulators. It has also informed its statutory auditors and initiated the process of appointing an independent external agency to conduct a forensic audit. In addition, recall requests have been sent to certain beneficiary banks to lien-mark balances in s ...

Core Viewpoint - IDFC First Bank reported ₹590 crore in unauthorized transactions linked to Haryana government accounts, stating the incident was isolated to a single branch in Chandigarh and involved fraudulent activities by certain employees in collusion with external parties [1][10]. Group 1: Incident Details - The unauthorized transactions were executed using forged cheques and fraudulent authorization letters, indicating that they were manual transactions conducted at the branch level [5][10]. - The bank has confirmed that the issue is specific to one branch and one client group, asserting that there is no system-level issue and that all other branches are operating normally [7][11]. Group 2: Internal Controls - IDFC First Bank has established necessary internal controls, including a maker-checker-authorizer system for clearing cheques and debit instructions, and has not experienced such incidents in over 10 years of operation [6][11]. - The bank also sends periodic system-generated statements and alerts to registered customer IDs, which were bypassed in this case due to employee collusion with third parties [6][11]. Group 3: Financial Impact and Recovery Efforts - The initial financial impact of the incident is assessed at ₹590 crore, but the final implications will depend on recoveries and validation of claims [8][9]. - The bank is taking steps to trace the flow of funds and will pursue civil and criminal actions against those involved, including marking liens on suspicious accounts held with other banks [9][11].