Suspicious financial irregularities of Rs 590 crore create stir in the banking world, IDFC First Bank branch in Chandigarh is under investigation.

The stir has intensified after a major financial irregularity case came to light in the private banking sector (IDFC First Bank Fraud). Irregularities involving suspicious transactions worth around ₹590 crore have been revealed in the Chandigarh branch of IDFC First Bank. In this matter, the bank has suspended four employees on the basis of its internal investigation, while a detailed investigation of the entire episode has been started.

As per the information provided by the bank to the regulatory authorities, this case Haryana The matter came to light during reconciliation of some accounts belonging to the state government. When a government department requested to close its account and transfer the amount in it to another bank, a difference was found between the balance recorded in the account and the actual amount. This discrepancy attracted the attention of the bank management, following which a detailed internal investigation was initiated.

During investigation it also came to light that similar discrepancies existed in other accounts related to Haryana Government. At the initial stage, the bank has clarified that this issue is limited only to certain government accounts operated in the Chandigarh branch and has no impact on the security of other customers’ accounts.

According to the bank, during reconciliation of accounts, an amount of approximately ₹590 crore was found suspicious. However, it is not clear how long this disturbance was going on. To bring out the truth about this entire matter, the bank has started the process of getting a forensic audit done by an independent external agency, so that the financial transactions can be completely investigated.

In the preliminary investigation, all the employees whose role was found suspicious (IDFC First Bank Fraud) were posted in the Chandigarh branch and were managing the accounts related to the Haryana Government. The bank has suspended these four officers as a precautionary measure. Additionally, it has also been indicated that the possible role of other individuals or entities in this matter is also being investigated.

Taking the matter seriously, the bank has lodged a complaint with the police and the concerned law enforcement agencies have also been informed about it. Further, the bank has also informed its regulatory authorities and statutory auditors. Necessary precautionary measures have been taken by contacting other banks to safeguard the funds available in the accounts linked to suspicious transactions.

To monitor this entire incident, special meetings have been organized at the highest level of the bank, in which the Special Committee of the Board and the Audit Committee have reviewed the case (IDFC First Bank Fraud). The bank management has clarified that after completion of the investigation, strict disciplinary and legal action will be taken against those found guilty.

This case is being considered an important signal regarding transparency and security in the banking system. The forensic investigation report is expected to reveal the complete picture of this financial irregularity in the coming days.