“The role of these employees pertains to taking alleged kickbacks in facilitating the fraud,” sources added. The bank, however, is yet to ascertain the amount of the kickbacks involved.
All four of the employees are branch level employees and from a specific Chandigarh branch. Sources also added that it is not an institutional issue. “Obviously the main perpetrators of the fraud are employees of the government. Employees involved are all at branch level. Nothing at institutional level.”
The bank’s CEO V Vaidyanathan in an interview to CNBC-TV18 earlier today had said that, “we want to be straightforward about this. It is pretty clear to us that our employees are involved. We don’t want to hide under investigation and we just wanted to pay. It keeps it clean.”
Read the full interview here
In February 2026, a major ₹590 crore embezzlement fraud was uncovered at IDFC First Bank’s Chandigarh branch, involving unauthorised transactions on Haryana government accounts.
While this matter is under investigation, the bank’s total deposit balance continues to remain stable at ₹2.92 lakh crore as of February 28, 2026, a marginal uptick from ₹2.91 lakh crore as of December 31, 2025.
(Edited by : Ajay Vaishnav)
