IDFC First Bank: IDFC First Bank has repaid ₹645 crore to customers in connection with the ₹590 crore fraud case at its Chandigarh branch. However, this amount is higher than initially estimated.)

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IDFC First Bank paid Rs 645 crore in claims

IDFC First Bank: ₹645 crore has been repaid to customers in the ₹590 crore fraud case at IDFC First Bank's Chandigarh branch. Most of these customers are associated with Haryana government departments. However, the bank also said that this amount exceeds its initial estimate of approximately ₹55 crore. The bank also stated that no further irregularities have been found. In an exchange filing, IDFC First Bank stated that it has settled all claims and no new claims are pending.

The bank initially estimated the fraud at ₹590 crore, but after investigation and claim verification, a total of ₹645 crore was paid. It should be noted that, under its "Customer First" policy, the bank returned customers' money without waiting for the investigation to be completed. It should be noted that the Anti-Corruption Bureau (ACB) has arrested six individuals in this case. The bank will now take action against them and recover the money.

What was the matter?

This fraud case involves accounts belonging to Haryana government departments. Some bank employees, in collusion with outsiders, embezzled funds through forged documents. The investigation revealed that money was transferred from government accounts to private companies. One of these companies was Swastik Desh Projects, run by former bank manager Ribhav Rishi. The investigation revealed that ₹300 crore was transferred to this company alone. From there, the money was transferred to private accounts.

When was it revealed?

The matter came to light when the Haryana government's Development and Panchayat Department asked him to close his account and transfer the money to another bank account. A significant discrepancy was found between the balance in government records and the bank's system.