Where did Rs 590 crore go from the accounts of Haryana government? Understand the whole story of the mess

A case of fraud of about Rs 590 crore has come to light in bank accounts linked to the Haryana government. This matter has come to light in the Chandigarh branch of IDFC First Bank. This matter came to light when the accounts were being investigated and the bank itself has informed the stock exchange about it. The bank said that some of its employees along with some outsiders have committed this wrongful act. The bank has so far suspended four employees in this matter.

According to the bank, some employees of IDFC First Bank’s Chandigarh branch have embezzled Rs 590 crore from accounts linked to the Haryana government. In this case, the bank has not only removed the suspicious employees but has also lodged a complaint with the police. The bank has promised to provide full cooperation to the investigating agencies. Along with this, the bank has also frozen some accounts related to this matter.

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How was it revealed?

The matter came to light when a department of the Haryana government requested the bank to close its account and transfer the money to another bank. When the bank started the process for this, the bank came to know that there is a difference between the amount stated in the bank and the total amount. The bank has clarified that this fraud is limited only to certain accounts related to Haryana Government in Chandigarh branch. This will not affect other customers of the bank.

negligence came to light

The Finance Department has come to know that in many cases the money was kept in savings accounts instead of fixed deposits. Higher interest is available on fixed deposits. In such a situation, the government has suffered loss. After this negligence, now all the departments of the government have been instructed to strictly follow the rules and conduct regular investigations. Now investigation into this matter has started. At present, the government has taken strict precautionary measures and banned all government transactions with both the banks. The bank has also said that some outsiders are involved in this matter. However, no one’s name has been revealed yet.

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Government closed accounts

The Finance Department of Haryana Government has issued a circular excluding IDF First Bank and AU Small Finance Bank from government business. It has been said that till further notice, neither government money will be deposited nor any kind of investment will be done in both the banks. Departments, boards, corporations and PSUs have been asked to take immediate action. Along with this, instructions have also been given that monthly reconciliation of fixed deposits and other accounts must be done. For this, time has been given till 31st March and it has been asked to submit the report by 4th April 2026.