Financial Irregularities Detected in Haryana Government Transactions

IDFC First Bank has disclosed a fraud amounting to ₹590 crore in accounts operated by the Government of Haryana, allegedly involving certain bank employees along with other individuals. The bank informed the Reserve Bank of India about the matter and has also filed a complaint with the police, as communicated to the stock exchanges. According to the bank, preliminary findings indicate that some employees at its Chandigarh branch carried out unauthorized and fraudulent transactions in accounts belonging to the Haryana state government. The bank added that other individuals, entities, or counterparties may also have been involved. At present, the estimated value of the fraud stands at approximately ₹590 crore.

The bank clarified that the final loss amount will be determined based on further information, verification of claims and potential recoveries. It stated that a department of the Haryana government maintains banking transactions with IDFC First Bank and at one stage, a request was received to close the account and transfer the remaining balance to another bank. During this process, a significant discrepancy was identified between the actual account balance and the stated amount. The bank further noted that similar irregularities were observed from the 18th of this month in certain other accounts related to Haryana government entities.