Explained: How the IDFC First bank Rs 590 cr fraud unfolded

Feb 24, 2026 | 09:58 IST

IDFC First Bank has held some employees of a Chandigarh branch responsible and said they worked with others to siphon funds out of state government accounts

A ‘discrepancy’ of Rs 590 crore across multiple Haryana government accounts led to IDFC bank’s shares crashing 20% and raising questions about how much it would impact the Indian banking sector.

The Haryana chief minister has promised to recover the funds and all government departments have been told to shift funds out of the bank into other accounts held with other banks.

TOI

TOI

Explained: How the IDFC First bank Rs 590 cr fraud unfolded

IDFC First Bank has held some employees of a Chandigarh branch responsible and said they worked with others to siphon funds out of state government accounts

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TOI

Explained: How the IDFC First bank Rs 590 cr fraud unfolded

IDFC First Bank has held some employees of a Chandigarh branch responsible and said they worked with others to siphon funds out of state government accounts

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