On Monday, Haryana's Chief Minister, Nayab Singh Saini, stated that the funds involved in the ₹590 crore fraud case linked to IDFC First Bank will undoubtedly be recovered, and appropriate actions will be taken against those responsible. Speaking in the Haryana Assembly, he mentioned that after identifying discrepancies, the government transferred all funds to an authorized bank.

The Chief Minister further revealed that the case has been handed over to the Anti-Corruption Bureau and the Vigilance Department for thorough investigation.

Read More: IDFC First Bank Fraud: Investors Panic Over ₹590 Crore Scam, Shares Plummet

Saini emphasized that proactive measures have been implemented to prevent such fraud. Upon discovering irregularities, the government sought clarifications, which did not align with the records. Consequently, a decision was made to transfer all funds, including interest, to a secure bank. IDFC First Bank has defended itself by stating that a single employee was at fault. The investigation is ongoing, and the Chief Minister assured that all funds are secure and will be returned. He also mentioned that if any wrongdoing is found on the bank's part, action will be taken against them as well.

The Chief Minister reiterated the government's serious approach to this matter, noting that it recently gained attention on social media. He assured the assembly that all funds would be returned, but further statements would be made only after the investigation concludes. Meanwhile, Haryana's Finance Department has immediately removed IDFC First Bank and AU Small Finance Bank from government operations.

The department has instructed all government entities, boards, corporations, and public sector undertakings to transfer funds from these banks to other authorized banks and to close these accounts until further notice. Following the discovery of the fraud involving approximately ₹590 crore in accounts held by the Haryana government at the Chandigarh branch, IDFC First Bank has suspended four employees.