IDFC First Bank ₹590 Cr Fraud Case Flagged in Haryana Assembly
IDFC First Bank ₹590 Cr Fraud Case Flagged in Haryana Assembly
Opposition raises ₹590 crore fraud linked to a Chandigarh branch during Haryana's Budget Session, with a probe ordered and the bank de-empanelled.
A day after IDFC First Bank Limited disclosed a ₹590 crore fraud linked to Haryana government accounts, the issue surfaced during the ongoing Budget session as the Opposition Congress flagged the case. The bank said the irregularities were detected at a Chandigarh branch and involved bank employees, with internal collusion suspected and transactions not matching normal records. The allegation centers on government accounts, highlighting the fragility of controls around public funds and the need for rigorous oversight.
Chief Minister Nayab Singh Saini announced that a detailed probe has been ordered. He said the matter was taken seriously and, even before cognizance was officially acknowledged, the government had de-empanelled IDFC First Bank on February 18. He added that the entire amount, along with interest, would be transferred to a nationalised bank and that every rupee would be recovered. An FIR has been registered in connection with the irregularities, and the case has been handed to the Anti-Corruption Bureau, with directions to constitute a High-Level Committee to conduct a thorough investigation.
The bank disclosed to the Securities and Exchange Board of India that irregularities were committed by certain employees, and it has initiated action against those employees. The RBI has been monitoring the developments, with Governor Malhotra noting there is no systemic issue at this stage, even as the central bank keeps a close watch on ongoing inquiries. The Chief Minister emphasised that the practice of departments keeping funds in banks is not new, and public funds must be kept in safe, well-monitored institutions.
Overall, authorities stress accountability and vigilance as the investigation unfolds, underscoring the priority of safeguarding public money and restoring trust in the system.
