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Chandigarh fraud: IDFC First Bank pays Rs 645 cr to settle claims, Rs 55 cr more than initial estimates
IDFC First said it had completed reconciliation of all relevant accounts at the branch and had found no further discrepancies
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IDFC First Bank on March 10 said it has paid Rs 645 crore to settle claims related to a suspected fraud involving accounts of entities related to Haryana government
The mid sized lender said it has paid Rs 55 crore more than its initial estimate of Rs 590 crore.
"We would like to share that against the initial estimate of principal of Rs 590 crore, the Bank has received claims and paid the net principal amount of Rs 645 crore. Thus, we would like to share that the incremental principal payout against the claims is Rs 55 crore more than the original estimates," said IDFC First Bank in a stock exchange filing.
The updated claims are for the same incident and no new material claims have emerged, it added.
The bank said it will continue to pursue action against its employees that were involved in the fraud.
"We would like to confirm that these claims pertain to the same incident and linked to the same branch and not a new incident. There are no other pending claims. The Bank has made the said payment to the concerned clients In line with our principled approach on this matter of making good the client payments. The Bank will continue to pursue actions against the perpetrators to recover our dues," the lender added.
IDFC First said it had completed reconciliation of all relevant accounts at the branch and had found no further discrepancies.
The private bank anticipates growth in deposits and loans broadly in line with past trends.
The lender said there were no other pending claims and that no other claims have been received across the country since February 25, 2026.
"We would also like to share that the Bank’s total deposit balance continues to remain stable and stood at Rs 2,92,381 crore as of February 28, 2026, compared to Rs 2,91,133 crore as of December 31, 2025. We thank our customers for their understanding that this is an isolated incident linked to one branch in Chandigarh. The average LCR for the ongoing quarter until February 28, 2026, is comfortable at 114%. The Bank anticipates growth in deposits and loans going forward, broadly in line with the past trends," the lender added.
IDFC First Bank had said the fraud was “confined to a specific group of government-linked accounts within the Haryana government operated through the said branch in Chandigarh” and did not extend to other customers of the Chandigarh branch.
Meanwhile, the Chandigarh Police on Monday registered a case on a complaint filed by Chandigarh municipal corporation, which claimed that the fixed deposit receipts (FDRs) worth Rs 116.84 crore issued by a manager of a private bank were fake.
The civic body said that it detected the fraud while transferring funds from the Chandigarh Smart City Limited to it in a dedicated account in IDFC First bank.
“A complaint has been received from Municipal Corporation (MC), Chandigarh, that while transferring funds from the Chandigarh Smart City Limited to the MC, a dedicated account was opened in IDFC First Bank.
“In this regard, FDRs were issued by the IDFC First bank manager. Upon verification it was found that these FDs were fake. The FDs total amounts to Rs 116.84 crore,” the police said in a statement.
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posted by DOMNIC @ March 10, 2026
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