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News Topical, Digital Desk : IDFC FIRST Bank has made a significant disclosure that a preliminary internal investigation has revealed unauthorized and potentially fraudulent activity in certain accounts belonging to the Haryana government. This information has been made public under SEBI listing regulations, bringing the matter to the attention of investors and the market.
According to the bank, the issue came to light when a Haryana government department requested to close its account and transfer the funds to another bank. During this process, the bank noticed a discrepancy between the balance shown in the account and the actual balance. This triggered an investigation, which subsequently revealed signs of irregularities in several accounts.
The investigation is underway.
Since February 18, 2026, some government organizations had been in contact with the bank regarding their accounts. During this time, discrepancies were noticed in account balances, prompting an internal investigation. The initial investigation revealed that the matter was limited to specific accounts belonging to the Haryana government, which were operated through the Chandigarh branch. The bank also clarified that the matter did not pertain to other customers of the Chandigarh branch. A total of approximately ₹590 crore has been reported as reconciliation funds for the accounts in which irregularities were found during the investigation. However, the bank stated that the actual impact is not yet certain, as it will depend on further information, the investigation of claims, the recovery process, and legal action.
Several officials have been suspended.
Given the seriousness of the matter, the bank has immediately taken several steps. Four suspected officials have been suspended pending the completion of the investigation. The bank has stated that civil and criminal action will be taken against the relevant employees and outsiders if found guilty.
What is the share price of IDFC FIRST Bank?
Following this incident, investor concerns increased, reflecting a positive impact on the stock market. IDFC FIRST Bank shares closed at ₹83.25, a gain of ₹0.27, or 0.33%. The stock's highest level during the day was ₹83.80 and lowest level was ₹82.30, with trading volume on the NSE at 1,19,74,786 shares. A meeting of the bank's special board committee was also convened to discuss the matter. The audit committee and board of directors were briefed. The bank is in the process of appointing an independent external agency to conduct a forensic audit to uncover the full truth of the transactions. The bank has filed a police complaint and pledged full cooperation with the investigating agencies. Additionally, a request has been sent to certain beneficiary banks to place lien marks on funds held in suspicious accounts to prevent potential losses. At present the matter is under investigation, but with such a huge amount coming to light, the eyes of investors and the market are now fixed on further action and forensic report.
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