₹590 Crore Scam: IDFC First Bank Takes Action Against Staff at Chandigarh Branch

IDFC First Bank has put four employees on hold following the fraud case of ₹590 crore detected in the Chandigarh branch. According to a CNBC-TV18 report, IDFC First Bank has put four employees of the branch on hold for suspected involvement in the fraud case detected in the Chandigarh branch of the bank.

Jagran sources stated, "These employees' roles relate to the alleged bribery of those involved in perpetrating the fraud." However, the bank has not yet been able to ascertain the amount of the bribes.

Jagran sources said, "All four employees are branch-level and belong to a particular branch in Chandigarh. Sources also said that this is not an institutional matter. All the employees involved are branch-level, and there is nothing at the institutional level."

The bank's CEO, V. Vaidyanathan, said in an interview with CNBC-TV18, "We want to be clear on this matter. It's absolutely clear to us that our employees are involved. We didn't want to avoid investigation."

In February 2026, a huge case of embezzlement of ₹590 crore was detected in the Chandigarh branch of the bank in connection with unauthorized transactions in the accounts of the Haryana government. However, the total deposits of the bank remain unchanged at ₹2.92 lakh crore as of February 28, 2026, with a slight increase in deposits from ₹2.91 lakh crore as of December 31, 2025.

Meanwhile, an eight-member Special Investigation Team (SIT) has also been formed in this case. The SIT will thoroughly investigate banking transactions, establish the roles of the accused, and trace the end use of the embezzled funds. The scam stems from the alleged diversion of funds from government department accounts. It is related to diversion. An FIR has been registered against him.