Haryana Chief Minister says IDFC First Bank failed to act on suspected fraud in state accounts
Haryana's leader says IDFC First Bank ignored orders to close accounts linked to a $65 million fraud. The state has now launched a corruption investigation.
IDFC First Bank has disclosed the discovery of suspected fraudulent transactions totaling 5.9 billion rupees within accounts linked to the Haryana state government. The disclosure, made on February 23, 2026, has prompted an immediate and multifaceted response from both the financial institution and state authorities in India 
IN. Following the announcement, the bank's shares experienced a significant plunge as investors reacted to the scale of the suspected irregularities.
IN. Following the announcement, the bank's shares experienced a significant plunge as investors reacted to the scale of the suspected irregularities.In response to the findings, IDFC First Bank has suspended several employees and commissioned a forensic audit to be conducted by KPMG. The Haryana state government has also taken decisive action, with the Haryana state finance department issuing formal orders to close all state accounts held with the bank. Furthermore, the matter has been officially referred to the State Vigilance & Anti‑Corruption Bureau for a thorough investigation into the suspected misuse of public funds.
