IDFC FIRST Bank Clarifies CREST Chandigarh Case, Says No Additional Financial Liability

IDFC FIRST Bank has issued a clarification regarding recent media reports related to the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST) case, stating that the amount mentioned in the news articles has already been settled earlier.

In a disclosure referencing earlier filings dated February 21, February 22, February 24 and March 10, 2026, the bank said the financial amount highlighted in the latest news coverage is already part of a previously completed settlement.

The clarification was issued after reports surfaced about developments in the CREST matter in Chandigarh. According to the bank, the latest reports appear to relate to CREST’s own investigation process, rather than any new liability arising for the bank.

Amount Already Included in Earlier Settlement

IDFC FIRST Bank said the issue referenced in the reports had already been addressed through the earlier settlement disclosed to stock exchanges.

The bank emphasised that no additional financial liability exists, as the amount mentioned in the media coverage forms part of the settlement previously completed.

The lender also reiterated that it had completed reconciliation of all relevant accounts related to the Chandigarh branch, confirming that no further discrepancies were identified.

This reconciliation process was earlier disclosed in the bank’s March 10, 2026 filing, where it stated that all accounts connected to the matter had been reviewed and balanced.

Legal and Recovery Processes May Continue

While clarifying its financial position, IDFC FIRST Bank noted that actions by law enforcement agencies or internal processes may continue as part of the broader legal and recovery framework.

As a result, related developments may continue to appear in news reports from time to time.

The bank requested that such updates should be viewed as part of the ongoing investigative and recovery process, and not as new financial exposure for the bank.

Read more: Amazon Business Reports 35% Sales Growth in India in 2025 as B2B Adoption Expands.

Conclusion

IDFC FIRST Bank’s clarification aims to address speculation triggered by recent reports on the CREST Chandigarh case. According to the lender, the financial amount linked to the matter has already been settled and accounted for in earlier disclosures.

While investigations and procedural actions may continue, the bank has stated that no additional discrepancy has been identified and no new financial liability currently exists in relation to the case.

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