In a fast moving development, the Haryana government has recovered nearly ₹578 crore that was reportedly lost in a suspected fraud case involving IDFC First Bank’s Chandigarh branch. Officials confirmed that the entire amount, including ₹556 crore and around ₹22 crore as interest, was credited back to the government accounts within just 24 hours after the issue was detected.
The irregularity came to light when certain government departments initiated the process of closing their bank accounts and found serious mismatches between their internal records and the bank’s reported balances. The suspected fraud amount was initially estimated to be close to ₹590 crore, creating major concern within the administration.
Following the discovery, the Haryana Vigilance and Anti Corruption Bureau registered an FIR and began a detailed investigation into the matter. Authorities stated that the situation was handled with urgency to prevent further financial complications. The quick response ensured that the funds were restored without long delays.
Chief Minister Nayab Singh Saini addressed the state assembly and assured that all funds belonging to government departments, boards and corporations have been returned, including the interest component. He also made it clear that strict action will be taken against anyone found responsible, whether from the bank side or within government offices.
According to preliminary findings, the FIR mentions alleged forgery, procedural lapses and unauthorised transactions. Some cheques reportedly carried forged signatures of a senior official who had already handed over charge. Investigators are now examining whether the discrepancies extend beyond the currently identified transactions.
IDFC First Bank has reportedly suspended four employees from its Chandigarh branch and initiated an internal probe. The bank stated that it is cooperating fully with authorities and has restored the funds to the concerned accounts.
The Reserve Bank of India has indicated that the incident does not suggest a wider systemic issue but is being closely monitored. While the swift recovery has brought relief, the episode raises serious questions about internal controls and monitoring mechanisms in financial institutions handling public funds.
