Haryana CM Saini on Rs 590 Crore IDFC FIRST Bank Fraud: Probe Underway, Funds to be Returned

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Haryana CM Saini Vows to Recover Every Paisa in Rs 590 Crore IDFC FIRST Bank Fraud

Nayab Singh Saini

M

Moneycontrol•23-02-2026, 20:24

Haryana CM Saini Vows to Recover Every Paisa in Rs 590 Crore IDFC FIRST Bank Fraud

•Haryana CM Nayab Singh Saini addressed the alleged Rs 590 crore fraud in IDFC FIRST Bank accounts linked to the state government.
•Saini promised that "every paisa will be returned" and warned that no one involved would be spared.
•The fraud involved unauthorized activities at IDFC FIRST Bank's Chandigarh branch in accounts linked to Haryana government entities.
•A probe has been ordered, with the State Anti-Corruption Bureau and vigilance authorities investigating the matter.
•RBI Governor Sanjay Malhotra stated that they are watching the development, but there is no systemic issue, and banks have sufficient capital.

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Haryana CM Saini Addresses Rs 590 Crore Bank Fraud, Assures Funds Safe

IDFC First Bank: Shares of IDFC First Bank will be in focus today, after the lender disclosed a ₹590 crore fraud on Sunday. In an exchange filing, the bank said it received a request from a Haryana government department to close its account and transfer funds to another bank. During the process, discrepancies were identified between the amount mentioned in the request and the actual account balance. The matter pertains to the bank's Chandigarh branch. The lender clarified that the issue does not impact other customers and that the financial effect will depend on further information, validation of claims, recoveries, and the legal process.

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