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A massive fraud worth crores of rupees has been detected in a major branch of IDFC First Bank located in Chandigarh. The bank has officially admitted that a huge fraud of Rs 590 crore has taken place in this branch. The most shocking aspect is that this entire financial scam is directly related to the accounts of the Haryana government. According to the report of Economics Times, this big case of Rs 590 crore was revealed not by any investigating agency, but during a seemingly simple process.

From 18th February 2026 onwards, some related institutions of Haryana Government started connecting with this bank branch located in Chandigarh. Their main objective was to close their official accounts and transfer the entire amount deposited there to some other bank. This was a very routine process, but as the paperwork progressed, a major problem emerged. A huge difference was found between the balance reported by the government and the actual balance present in the bank's system. The money which was considered safe was not there at all. This discrepancy between papers and reality exposed the layers of this entire scam.

Strict action by the bank, 4 employees suspended

As soon as the IDFC First Bank management got wind of the scam, it immediately swung into action. Taking preliminary action in this serious matter, four suspected officers of Chandigarh branch have been suspended.

In its official filing given to the stock exchange, the bank has clarified that this suspension will continue till the investigation is completed. The management has also made it clear that no bank employee or outsider involved in this fraud will be spared. Strict disciplinary, civil and criminal action will be taken against them under applicable laws. A formal complaint has also been lodged with the local police administration.

Along with this, the bank has also sent an alert to other banks where this money was transferred. The bank has demanded that a lien mark be immediately placed on the balance of these suspicious accounts so that the money can be prevented from being transferred further. To get to the bottom of the matter and conduct a transparent investigation, a forensic audit is also being conducted by an independent external agency.