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IDFC First Bank Financial Scam: Haryana Government Accounts Hit in ₹590 Crore Bank Scam

Vikram Singh

February 22, 2026 at 3:50 PM IST · 3 min read

IDFC First Bank Financial Scam 2026: News has come from the banking world that has shocked everyone. A massive fraud of ₹590 crore has been uncovered at a major branch of IDFC First Bank in Chandigarh. The most shocking thing is that this financial fraud is directly linked to the official accounts of the Haryana government.

This matter came to light when government departments attempted to transfer their funds to another bank. Given the seriousness of the matter, the bank immediately launched an internal investigation and initially suspended four officials. In this article, we will explore in detail how this massive scam occurred and what strict measures the bank is now taking to protect its reputation.

How the ₹590 crore scam was exposed

IDFC First Bank UPI Payment

This embezzlement of crores of rupees was not revealed during a raid by an investigating agency, but during a routine banking process. On February 18, 2026, some entities affiliated with the Haryana government contacted this Chandigarh branch, with the primary objective of closing their old accounts and transferring their deposits to another bank.

When it came to reconciling the bank’s records with the system, officials were horrified to discover that the money, which, according to government records, should have been safely stored in the bank, was not actually there. This significant discrepancy between the paper balance and the system balance was the root cause of this massive scam, and as soon as it became clear that the government treasury had been breached, the entire administrative staff was thrown into a tizzy.

Suspected employees were suspended

As soon as the matter came to light, IDFC First Bank’s management adopted a “zero tolerance” policy. In its official filing with the stock exchange, the bank clarified that no one involved in this fraud would be spared. The bank has suspended four senior officials of the Chandigarh branch with immediate effect and filed a formal criminal complaint with the local police.

IDFC First Bank FD 2

The bank has also sent an alert to all banks where the money was transferred to immediately freeze the suspicious accounts and prevent further transactions. To get to the bottom of the matter and determine the truth behind each transaction, the bank has also taken the important decision to conduct a forensic audit by an independent external agency.

Bank Management’s View

Bank officials say they are fully cooperating with the investigation, and management has clarified that the fraud is limited to a specific branch and will not impact the bank’s operations. The suspended employees will not be involved in any bank activities until the investigation is complete, and both civil and criminal legal action will be taken against them.

The bank is now exploring the avenues from which the money was withdrawn to recover the government funds as quickly as possible. This incident has also served as a major warning to other government departments to further tighten their banking and auditing processes.

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