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The Haryana government has suspended two Indian Administrative Service officers and severed ties with Kotak Mahindra Bank following alleged irregularities involving government funds parked with IDFC First Bank.
The Indian state of Haryana has recommended a CBI probe into a Rs 590 crore fraud involving IDFC First Bank and AU Small Finance Bank, with the CBI now stepping in to investigate the diversion of government funds.
Fraud centres on IDFC First Bank's branch in Sector 32, Chandigarh, where government funds were meant to be parked as fixed deposits.
The Enforcement Directorate (ED) is investigating a fraud case involving IDFC First Bank, revealing that accused individuals routed money through shell companies, with key suspects currently absconding.
India's Enforcement Directorate has conducted searches across 19 locations in Chandigarh, Haryana, and the National Capital Region in connection with the IDFC First Bank fraud case.
An investigation is underway into a Rs 590 crore fraud at IDFC First Bank, tracing the siphoned funds from government accounts to jewellery shops.
The Enforcement Directorate (ED) is reportedly preparing to register a case concerning a Rs 590 crore scam involving IDFC First Bank.
Following a fraud incident at IDFC First Bank, a Union Territory administration has instructed its departments to reconcile accounts held with private banks as a precautionary measure.
Haryana authorities have arrested four individuals, including two former IDFC First Bank employees, in connection with a ₹590-crore fraud case involving the bank.
IDFC First Bank has paid ₹583 crore to Haryana government departments to settle a bank fraud case, raising concerns about governance and branch-level controls.
IDFC First Bank has disclosed a Rs 590 crore fraud involving its employees and others in accounts held by the Haryana government with the private sector lender.
IDFC First Bank's stock crashed after the bank disclosed a Rs 590 crore fraud involving unauthorized transactions from Haryana government accounts at its Chandigarh branch. The bank stated it's an isolated case and has suspended four employees.
Two IAS officers in Haryana have been suspended as a vigilance probe intensifies into a Rs 590 crore scam involving IDFC First Bank.
Details emerge in the Rs 590-crore IDFC First Bank fraud case, revealing how an AU Bank regional head allegedly aided a key accused and pocketed Rs 10 crore.
Chandigarh Police have arrested hotelier and real-estate developer Vikram Wadhwa in connection with a ₹590-crore fraud linked to IDFC First Bank, after he had been evading arrest since the scam surfaced.
Investigators have revealed a sophisticated Rs 590 crore scam involving IDFC First Bank, operated through a network of fake companies and manipulated bank transactions, leading to forged memos and frozen accounts.
The Bank said that it has completed reconciliation of all relevant accounts and did not notice any further discrepancies.
An investigation into a Rs 590-crore fraud at IDFC First Bank has traced Rs 1.25 crore to a Haryana official, with funds allegedly used for an SUV and family expenses.
An internal fraud at IDFC First Bank involved the diversion of Rs 25 crore, despite the cheque explicitly stating 'Rupees Twenty Five', highlighting a significant lapse in financial security.
IDFC First Bank has disclosed a significant fraud amounting to ₹590 crore, which was carried out through the use of forged cheques.
Amid the investigation into the Rs 590-crore fraud at the Chandigarh branch of IDFC FIRST Bank, the bank has said that it has repaid 100 per cent of the principal amount claimed by Haryana government
Earlier on Sunday, IDFC First Bank had reported a fraud of Rs 590 crore carried out by certain employees along with other individuals in accounts associated with the Haryana government.
Nuvama downgraded UPL, Jefferies maintained a buy on IDFC First Bank after a fraud disclosure, and Morgan Stanley rated Dixon Technologies underweight due to rising DRAM prices, as reported in a 'stocks to watch' article.
IDFC First Bank has disclosed a Rs 590 crore fraud involving Haryana government deposits at its Chandigarh branch, leading to the suspension of four employees and the initiation of a forensic audit.
Three individuals have been arrested and sent to judicial custody in connection with a Rs 75-crore IDFC First Bank-linked CREST scam.
Two Haryana government officials and a jeweller have been remanded to four-day Vigilance custody in connection with an alleged fraud involving IDFC First Bank.
The Haryana ACB has frozen over 100 bank accounts and identified money routed through fake firms in connection with the ₹590-crore IDFC First Bank scam, following earlier ED searches across 19 locations in Chandigarh, Haryana, and NCR.
IDFC First Bank on Tuesday said it has settled fraud claims at a Chandigarh branch at Rs 645 crore and has found no further discrepancies.
A Haryana government employee has been apprehended in connection with a fraud case involving IDFC First Bank.
A significant Rs 590-crore scam has been reported at IDFC FIRST Bank in India, involving forged signatures of an IAS officer, discrepancies in cheques, and a trail of missing millions.
An investigation into the IDFC First Bank scam has traced a Rs 100-crore financial trail to a firm reportedly owned by siblings, uncovering new details about the alleged fraud.
"Nearly ₹556 crore, including nearly ₹22 crore in interest, came back within 24 hours"
Haryana Chief Minister has assured that money is safe and action will be taken following an alleged ₹590-crore fraud in state government accounts at IDFC First Bank. The RBI governor is also monitoring the development, stating there is no systemic issue.
IDFC Bank's Managing Director Vaidyanathan stated that staff collusion was responsible for a fraud involving a Haryana Government account, and the bank will make provisions in line with its policies.