A suspected financial irregularity worth nearly ₹590 crore involving Haryana government accounts at IDFC First Bank has sparked sharp political reactions and an official investigation, with Chief Minister Nayab Singh Saini assuring the Assembly that strict action will follow.

The issue emerged after the bank flagged suspicious transactions at its Chandigarh branch in accounts connected to Haryana government departments. The disclosure was made through a regulatory communication, prompting immediate scrutiny.

How The Discrepancy Came To Light

According to the bank’s statement, the irregularities were discovered when a state department initiated the closure of its account and requested a transfer of funds to another financial institution. During reconciliation, officials reportedly found a mismatch between the expected amount and the balance actually available.

Subsequent checks revealed similar discrepancies in additional government-linked accounts operated through the same branch. The bank indicated that preliminary findings point to unauthorised transactions allegedly carried out by certain employees, possibly in coordination with external parties. However, it stressed that the matter appears restricted to a specific set of Haryana government accounts and does not impact other customers.

While the suspected amount currently stands at around ₹590 crore, officials said the exact figure will be determined after a detailed reconciliation and recovery assessment.

Assembly Uproar And Government Action

The controversy dominated proceedings in the Haryana Assembly on February 23. Leader of the Opposition Bhupinder Singh Hooda pressed the government for answers, questioning the response and timeline of action.

Addressing the House, Saini confirmed that a formal inquiry has been initiated. He said the State Anti-Corruption Bureau and vigilance authorities are examining the case and emphasised that accountability will extend to anyone found complicit — whether bank staff or government officials.

The Chief Minister also informed legislators that the state has withdrawn empanelment of IDFC First Bank for handling government business with immediate effect. He reiterated that safeguarding public funds remains a top priority and that recovery efforts are underway.

Bank Notifies Authorities

In its regulatory filing, IDFC First Bank stated that it has reported the matter to the banking regulator and lodged a police complaint. The bank described the transactions as unauthorised and potentially involving collusion between branch employees and other entities.

As investigations proceed, authorities are focusing on tracing fund movements and identifying responsibility. For now, the state leadership has sought to reassure citizens that the issue is being handled with urgency and that public money will be recovered.