Chandigarh : In a significant disclosure to the stock exchanges, IDFC First Bank has reported a substantial fraud case amounting to ₹590.25 crore. The fraudulent activity pertains to specific accounts maintained by the Haryana government at the bank’s Barakhamba Road branch in New Delhi.
The private sector lender clarified that the discrepancy was identified during a routine internal audit and reconciliation process. According to the bank’s filing, the fraud involved the unauthorized diversion of funds from the state government’s accounts. While the bank has not detailed the exact mechanics of the breach, it emphasized that it has already initiated legal proceedings to recover the missing capital.
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The incident has prompted the bank to strengthen its internal control mechanisms. IDFC First Bank has filed a formal complaint with the relevant law enforcement agencies, including the Economic Offences Wing (EOW), to investigate the criminal aspects of the fund diversion. Despite the magnitude of the amount involved, the bank assured stakeholders that it maintains a robust capital adequacy ratio and that this specific event would not jeopardize its overall financial stability or day-to-day operations.
This development comes at a time when Indian financial institutions are under increased scrutiny regarding the security of public sector deposits. The bank stated it is cooperating fully with investigators to trace the end-users of the diverted funds.
Further updates are expected as the forensic audit concludes and the police investigation progresses. For now, the focus remains on identifying whether internal lapses or external cyber-manipulation facilitated the massive drain from the Haryana government’s treasury. Further details are awiated on the case.
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