IDFC Bank identifies 4 employees with role in Chandigarh fraud, say sources
Published on 27/03/2026 05:40 PM
IDFC Bank identifies 4 employees with role in Chandigarh fraud, say sourcesThe IDFC Bank has placed 4 executives executives under suspension pending investigation.By Furquan Moharkan March 27, 2026, 5:40:20 PM IST (Published)2 Min ReadPrivate sector lender IDFC Bank Ltd has placed four of its branch level employees under suspension for the alleged role in the fraud at Chandigarh branch of the bank, sources have told CNBC-TV18.
“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.Continue Reading(Edited by : Ajay Vaishnav)TagsBank fraudsHaryanaIDFC Bank