In the wake of a significant fraud allegedly involving IDFC First Bank and accounts associated with the Haryana government, Chief Minister Nayab Singh Saini announced on Tuesday that the state has successfully retrieved the entire amount implicated in the case. The total recovery amounts to ₹578 crore, which includes ₹556 crore of the principal sum along with ₹22 crore in accrued interest. Saini stated that initial investigations suggest the involvement of three to four employees from the bank, and further inquiries are being conducted to identify all individuals connected to the alleged fraud.

Irregularities Uncovered in Government Accounts

The controversy emerged after IDFC First Bank filed a regulatory disclosure revealing unauthorized and fraudulent activities at its Chandigarh branch affecting Haryana government entities. The irregularities were identified when a state department attempted to close one of its accounts and noticed discrepancies in balances during the transfer of funds to a different bank. Subsequent investigations uncovered similar inconsistencies across several accounts managed through the same branch, with preliminary estimates suggesting that the fraud could be as high as ₹590 crore.

High-Level Committee Established for Investigation

In response to the situation, Saini announced the formation of a high-level committee tasked with investigating the entire matter comprehensively. Investigative agencies are currently probing the roles of bank employees and any external collaborators who may have been involved. During a session in the Assembly, the chief minister emphasized that both the State Anti-Corruption Bureau and vigilance authorities are actively looking into the case, and he assured that the government is committed to holding individuals accountable, regardless of their position. “We are not a government that overlooks corruption. The investigation is being treated with the utmost seriousness,” he remarked.

Bank De-empanelled and Complaints Filed

Following the revelations regarding the fraudulent activities, IDFC First Bank has notified the regulatory authorities and submitted a police complaint alleging that certain employees at the Chandigarh branch were involved in unauthorized transactions, possibly in collusion with outside entities. As a part of the immediate aftermath, the Haryana government has decided to de-empanel IDFC First Bank from government business operations. With the recovery process concluded, the ongoing investigation is now concentrating on identifying accountability and understanding how the transactions were executed within government-linked accounts.

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