Chandigarh: The investigation into the Rs 590-crore IDFC First Bank fraud in Haryana has widened, with authorities now examining 391 suspicious transactions linked to more than 170 bank accounts. According to The Indian Express, deposits worth around Rs 70 crore in several of these accounts have already been frozen, while efforts continue to trace additional accounts connected to the alleged diversion of funds.
Sources told The Indian Express that many of the accounts under scrutiny belong to businessmen, real estate firms and property dealers based in Chandigarh and Haryana. Investigators are also looking into transactions involving key state government departments, including the Development and Panchayat Department, Urban Local Bodies Department, Municipal Corporation of Panchkula and the Haryana State Pollution Control Board.
The role of four senior IAS officers is expected to be examined to determine whether there were supervisory lapses, although officials said there is no evidence so far of their direct involvement in the fraud.
The scam came to light in January when officials from one department attempted to verify or close their fixed deposits (FDs) and discovered that the account balances were empty despite holding physical FD receipts. Following this, other departments checked their accounts and found similar discrepancies.
IDFC First Bank had been empanelled to park state government funds in fixed deposits, typically for one year, offering interest rates of around 7.5 percent. Of the total amount involved, nearly Rs 450 crore had been placed in FDs, while the remaining funds were kept in other forms.
The bank informed the National Stock Exchange that discrepancies were observed after Haryana government entities sought account closures in February 2026. The Haryana government has since de-empanelled IDFC First Bank and AU Small Finance Bank, registered an FIR, and ordered a probe by the Anti-Corruption Bureau.
Chief Minister Nayab Singh Saini has announced that a Special Investigation Team will be formed and assured that every rupee of government money will be recovered, with strict action taken against those found guilty.
