In Haryana, a request submitted to close a bank account has exposed a significant fraud involving IDFC First Bank, amounting to approximately 590 crore rupees. The bank notified the stock exchange about this issue, causing a steep decline in its share prices, which fell by up to 20% on the Bombay Stock Exchange. Haryana's Chief Minister, Nayab Singh Saini, confirmed that an in-depth investigation is currently underway regarding the gravity of the issue at the bank.

The investigation began after a department of the Haryana government requested the closure of an account and transfer of funds. During this process, discrepancies between the department's records and the bank's documents were discovered, triggering alarm and prompting an immediate investigation into the financial irregularities. Since February 18, multiple government entities in Haryana have raised similar complaints regarding their accounts at IDFC First Bank.

Preliminary findings from the bank's internal investigation revealed that the problems are confined to a group of accounts associated with the Chandigarh branch connected to Haryana. The bank has reassured that this issue does not extend to other customers of the branch, but the implications of this discovery could raise concerns about financial governance and oversight in banking institutions within the region.