IDFC First Bank Limited has informed the Exchange about Frauds/Default by employees

IDFC First Bank has detected unauthorized and fraudulent activities by certain employees at its Chandigarh branch, involving multiple accounts held by departments of the Government of Haryana. The discrepancy was first noticed when a Haryana Government department requested account closure and fund transfer, revealing mismatches between stated and actual balances. The aggregate amount under reconciliation across the affected accounts is approximately ₹590 crore, though the actual financial impact will depend on recoveries, lien-marking on beneficiary accounts at other banks, and legal proceedings. The bank has suspended four suspected employees, filed a police complaint, and is appointing an independent external agency for a forensic audit. The Audit Committee and Board have been apprised, and statutory auditors have been informed. The matter is confined to a specific group of Haryana Government-linked accounts at this branch and does not extend to other customers.