Haryana Govt Recovers ₹556 Crore in IDFC First Bank Fraud in 24 Hours

As per news reports, Haryana CM has confirmed that the state government has recovered the entire amount debited from government-linked accounts in the suspected ₹590 crore fraud at IDFC First Bank’s Chandigarh branch.

According to the Chief Minister, ₹556 crore (including ₹22 crore in interest) was credited back to the government account within 24 hours of the incident coming to light. The swift recovery has helped contain financial damage, even as investigations continue.

Swift Action After Fraud Disclosure

The issue surfaced after IDFC First Bank disclosed fraudulent transactions worth ₹590 crore at its Chandigarh branch in an exchange filing. Following the revelation, the state Vigilance and Anti-Corruption Bureau registered an FIR against bank officials, government employees, and others under the Prevention of Corruption Act and the Bharatiya Nyaya Sanhita.

As per news reports, the government had already acted before the bank’s formal communication on February 21. Haryana de-empanelled the bank on February 18 and transferred all government funds, along with accrued interest, to a nationalised bank.

Investigations so far indicate the involvement of four to five bank employees in the scheme.

Haryana Govt Assures Strict Action

The government has emphasised its zero-tolerance approach toward misuse of public funds.

A high-level committee led by the Finance Secretary has been formed to examine the incident and recommend safeguards to prevent similar occurrences. The Chief Minister also assured lawmakers that Haryana’s financial systems have strengthened under the current administration and that public funds remain secure.

Read more: Supreme Court Ruling Strengthens Homebuyers’ Rights in Delayed Projects.

Conclusion

While the alleged ₹590 crore fraud has raised serious concerns, the rapid recovery of ₹556 crore within 24 hours has provided immediate relief. As investigations progress, the focus will now shift to accountability and strengthening oversight mechanisms to safeguard public money.

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