IDFC First Bank Hit by Oldest Fraud: Rs 590 Cr Lost, Shares Plunge 20%

• IDFC First Bank fell victim to a Rs 590 crore fraud involving forged checks, considered the oldest form of banking fraud.
• The incident at a Chandigarh branch led to a 20% drop in the bank's shares, wiping out Rs 14,400 crore of investor money.
• Some Chandigarh branch employees colluded with outsiders to misappropriate funds through forged documents and signatures.
• The embezzled amount of Rs 590 crore exceeds the bank's entire net profit of Rs 503 crore from the previous quarter.
• Haryana government de-empanelled IDFC First Bank and AU Small Finance Bank, instructing departments to close accounts; KPMG forensic audit underway.