Tue Feb 24 09:44:10 UTC 2026: # Haryana Recovers Majority of Funds in IDFC First Bank Fraud Case
The Story:
Haryana Chief Minister Nayab Singh Saini announced on Tuesday, February 24, 2026, that the state government had recovered nearly ₹556 crore of the ₹590 crore fraudulently taken from its accounts at IDFC First Bank. This recovery, including approximately ₹22 crore in interest, occurred within 24 hours of the bank disclosing the fraud on Sunday, February 22, 2026. The fraud involved collusion between four to five middle and lower-rung bank employees and external parties, primarily at a Chandigarh branch.
Key Points:
- ₹556 crore recovered by the Haryana government within 24 hours of the fraud being disclosed.
- The fraud amounted to ₹590 crore and involved accounts held by the Haryana government.
- The incident occurred primarily at a Chandigarh branch of IDFC First Bank.
- Four to five bank employees of middle and lower rank are implicated.
- The Haryana government has initiated an Anti-Corruption Bureau probe.
- A committee headed by the Finance Secretary has been formed to investigate the matter.
- IDFC First Bank’s MD & CEO, V. Vaidyanathan, stated the bank would take provisions for the fraud.
Key Takeaways:
- Rapid response and recovery action by the Haryana government following the fraud disclosure.
- The incident highlights vulnerabilities in banking systems, particularly at the branch level.
- The government’s commitment to investigating and prosecuting all involved parties, including bank and government employees.
- The need for increased scrutiny and internal controls within banks to prevent such fraudulent activities.
- The political implications, with the ruling BJP contrasting its response to alleged past inaction by the Congress party.
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