Haryana Recovers Rs 578 Crore After Rs 590 Crore Fraud at IDFC First Bank

IDFC First Bank disclosed a Rs 590 crore fraud involving Haryana government-linked accounts at its Chandigarh branch, attributed to collusion among four to five middle- and lower-level bank employees and external parties. The Haryana government recovered nearly Rs 556 crore principal plus Rs 22 crore interest within 24 hours. Investigations are ongoing, with the Anti-Corruption Bureau registering an FIR and arresting four individuals, including former bank employees. A high-level committee has been formed to probe the incident and recommend preventive measures. The bank has paid the full principal and interest despite the ongoing inquiry, while the state government has de-empanelled IDFC First Bank and AU Small Finance Bank from handling government funds.