Earthquake in banking sector! Mega scam of Rs 590 crore in IDFC FIRST Bank, money stolen from Haryana government accounts: – ..

Chandigarh/New Delhi. There was a stir in the banking sector and government departments of the country when private sector giant IDFC FIRST Bank gave a shocking information to the market regulator SEBI. The bank has informed that a huge fraud of about Rs 590 crore has been committed in one of its branches located in Chandigarh. Fraudsters have directly breached the government accounts of various departments of the Haryana Government. However, the bank management immediately clarified the situation and gave relief to the common customers that their money is completely safe and this fraud is limited only to some selected government accounts.

How was the scam of Rs 590 crore exposed?

The curtain on this entire scam was revealed on 18 February 2026, when a department of the Haryana Government applied to close its account in the Chandigarh branch and transfer the entire amount to some other bank. When the bank officials matched the documents, they were shocked. There was a huge difference between the balance reported by the department and the actual balance present in the bank’s system. As the suspicion deepened, when the accounts of other departments of the Haryana Government were thoroughly investigated, crores of rupees were found missing from there also. As the scope of investigation increased, this figure reached Rs 590 crore.

Conspiracy hatched with the connivance of employees

Initial investigation report has revealed that misappropriation of government funds on such a large scale was not possible without inside help. Some tainted employees of the bank along with external fraudsters and institutions carried out this well-planned conspiracy. However, IDFC First Bank has assured investors and account holders that this is an isolated and special incident, which will not have any impact on the bank’s day-to-day operations or the accounts of general customers.

Bank in action: 4 officers suspended, forensic audit started

As soon as the scam was detected, the bank management took strict and prompt action. Four bank officials have been suspended with immediate effect on suspicion of being involved in this fraud. The bank has lodged an FIR with the police and has prepared for strict criminal and civil action against the culprits. Apart from this, notices have been sent to the concerned banks to freeze the suspicious bank accounts to which this money was transferred. To get to the bottom of the matter, a forensic audit is also being conducted by an independent external agency.

Round of emergency meetings continues

After this big revelation, emergency meetings of the bank’s board of directors and audit committee were called on 20 and 21 February. The bank has assured all possible cooperation to the investigating agencies. Besides, the legal recovery process is also being worked on rapidly to compensate for the loss as soon as possible.