A major financial fraud of around ₹590 crore has come to light at a branch of IDFC First Bank, raising serious concerns about banking controls and financial monitoring systems.
The fraud reportedly involved forged cheques that were allegedly used by certain bank employees to transfer money from government-related accounts to unknown accounts. The incident came to light after irregularities were noticed in the accounts maintained by departments of the Government of Haryana.
Officials observed that surplus funds which were supposed to be invested in fixed deposits were instead lying idle in savings accounts. When detailed bank statements were reviewed, the account balances did not match official records, triggering suspicion.
Following the discovery, the Haryana government instructed its departments to stop transactions with the bank and close their accounts. During the process of closing accounts, further discrepancies were noticed.
Preliminary findings suggested that some employees allegedly used forged cheques to siphon off funds to accounts outside the bank. The total suspected fraud amount is estimated to be around ₹590 crore.
According to officials, the entire amount has reportedly been reimbursed by the bank to the affected government departments. However, questions remain about how such a large fraud could occur despite banking safeguards like the maker-checker approval system.
Financial experts say large institutional accounts usually require multiple authorisations before funds are transferred, making such incidents unusual.
The case has also raised concerns about liquidity and deposits, as government funds are an important source of low-cost deposits for banks.
Investigations are expected to continue to determine the exact chain of events and responsibility.
This news report is based on information obtained from other sources. News Expose India does not independently verify or confirm the authenticity of the information.