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Informist, Monday, Feb. 23, 2026

 

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--IDFC FIRST: Discrepancies found in balances of some Haryana govt accounts 
--IDFC FIRST: Matter pertains to accounts operated via Chandigarh branch 
--IDFC FIRST: Four Chandigarh branch officials suspended pending probe 
--IDFC FIRST: Reconciliation amount in Chandigarh branch fraud INR 5.9 bln 
--IDFC FIRST: KPMG appointed for forensic audit in INR 5.9-bln fraud

 

MUMBAI – IDFC FIRST Bank Ltd. Monday said it had on Saturday detected a fraud of around INR 5.9 billion in accounts linked to the government of Haryana. The bank said it had suspended four officials suspected of involvement in the fraud and has appointed KPMG to conduct an independent external forensic audit of the fraud.

 

At 0941 IST, shares of the bank were down 15% at INR 70.98 on the National Stock Exchange. The quantum of the fraud is higher than the INR 5.03 billion net profit it had reported for the December quarter. Its net interest income for that quarter was INR 54.92 billion.

 

The fraud came to light after the bank received a request from a department of the government of Haryana seeking closure of its account and transfer of funds to another bank, according to the bank's preliminary internal assessment. During this process, discrepancies were observed between the account balance and the amount mentioned by the department. The bank clarified that the matter is confined to a specific group of government-linked accounts and does not extend to other customers.

 

The bank said the final figure of the fraud may change based on further information, validation of claims, recoveries, and the outcome of the legal process. The matter was reviewed by the bank's special committee of the board for monitoring and follow-up of cases of fraud Friday.

 

The lender has filed a formal complaint with the police and said it will extend full cooperation to the investigating agencies. The bank has reached out to certain beneficiary banks requesting them to lien-mark balances on accounts identified as suspicious. End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Divya Moolayattil 

Edited by Ashish Shirke

 

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