IDFC First Bank case: Haryana CM Saini shares important update on Rs 590 crore fraud; says nearly Rs 556 crore recovered
Times of India
by TOI BUSINESS DESKFebruary 24, 2026
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Haryana Chief Minister Nayab Singh Saini has announced that nearly Rs 556 crore, including approximately Rs 22 crore as interest, has been recovered within 24 hours in connection with the IDFC First Bank fraud case. The fraud, reported by the bank, involved unauthorized dealings in accounts linked to the Haryana government, totaling around Rs 590 crore—exceeding the bank’s third-quarter net profit of Rs 503 crore. Saini assured the state assembly that all funds belonging to Haryana government departments had been fully restored and credited back to government accounts.
The fraud was identified when discrepancies between actual balances in bank accounts and official records were detected by entities connected to the Haryana government. IDFC First Bank disclosed that employees at its Chandigarh branch colluded with external parties, leading to a significant mismatch in deposits. The Managing Director of IDFC First Bank confirmed that the fraud occurred due to collusion between bank staff and outside individuals, with four to five mid-level and junior employees from the Chandigarh branch
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Originally published on Times of India on 2/24/2026