Money recovered within 24 hours”: Nayab Singh Saini on Rs 578 cr fraud at IDFC FIRST Bank

Haryana Government Funds Fully Restored

February 24, 2026

Haryana orders high-level probe after ₹578 crore fraud recovery

₹556 crore principal, ₹22 crore interest credited back; high-level probe ordered

Haryana Chief Minister Nayab Singh Saini on Tuesday confirmed that the ₹578 crore siphoned off in a fraud at IDFC FIRST Bank — including funds belonging to state departments, boards and corporations — has been fully recovered within 24 hours.

Addressing the Assembly, the Chief Minister said that approximately ₹556 crore was redeposited by the bank, along with nearly ₹22 crore as interest. “The entire amount lost in yesterday’s incident has been credited back to our accounts within just 24 hours,” he said.

Employees suspended; no one will be spared

According to the bank’s official stock exchange filing, four employees from its Chandigarh branch have been suspended after the discovery of fraudulent activity involving around ₹590 crore in certain Haryana government-linked accounts.

The Chief Minister stated that four to five middle and lower-level employees of the Chandigarh branch allegedly colluded to execute the fraud. He assured the House that strict action would be taken against all those involved.

“If any government official is found involved in this matter, he will not be spared,” Saini asserted.

High-level committee to probe incident

To prevent similar incidents in the future, the Haryana government will constitute a high-level committee to investigate the matter and recommend safeguards. The panel is expected to examine procedural lapses, internal controls and coordination between banks and government departments.

Targeting the Opposition, Saini said that unlike previous administrations where scam-related files were allegedly suppressed, the present government ensured swift recovery and transparency.

RBI monitoring developments

Meanwhile, Sanjay Malhotra, Governor of the Reserve Bank of India, described the fraud as an isolated incident and not a systemic issue. He said the central bank is closely monitoring developments.

The swift recovery of funds within 24 hours has been positioned by the state government as a reflection of improved governance mechanisms and coordination with banking authorities.

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