IDFC First Bank Fraud: After fraud of Rs 590 crore, IDFC First Bank got a big blow, shares fell.

IDFC First Bank Fraud: IDFC First Bank shares hit 10% lower circuit today, February 23. Came to 75.16. The bank told BSE that a fraud of about Rs 590 crore has been detected in one of its branches in Chandigarh. This matter came to light when a department of the Haryana government alerted the bank about some suspicious transactions. The bank has currently suspended four suspected employees involved in this case.

Irregularities in the accounts of Haryana government

The bank said that initial investigation has revealed that this fraud has taken place in some accounts of Haryana Government in a particular branch in Chandigarh. According to the bank, the process of merging the accounts, which involves around Rs 590 crore, is currently underway. The bank is now trying to find out how long this fraud was going on.

Suspicion of collusion with outsiders

The bank suspects that along with bank employees, outsiders or entities may also be involved in this fraud. The bank has informed RBI and lodged a complaint with the police. The bank has made it clear that it will fully cooperate with the investigating agencies to ensure proper investigation of this fraud.

Efforts to get the money back started

IDFC First Bank has also sent recall requests to those banks in whose accounts suspicious money was transferred. The bank has requested other banks to keep the balance in these suspicious accounts so that the money can be returned. The bank says that the correct estimate of the loss will be known only after the investigation and recovery process is completed.