IDFC First Bank says Rs 590 crore fraud due to staff collusion
India Today
The issue first came to light when a Haryana government department asked the bank to close its account and transfer funds. During this process, the bank noticed a mismatch between its records and the department's figures. This led to a wider internal review.
A Rs 590-crore fraud linked to Haryana Government accounts has been traced to collusion between certain bank employees and external parties, according to V Vaidyanathan, Managing Director and Chief Executive of IDFC First Bank, reported PTI.
Speaking to investors before markets opened on Monday, Vaidyanathan said the bank will make provisions in line with its policy of recognising stress early. However, he stressed that the impact on overall profits is unlikely to be significant.
“We were expecting a very solid Q4 in terms of profitability,” he said, adding that healthy net interest margins and stable credit costs should provide support.
An independent forensic audit has been assigned to KPMG. Vaidyanathan said the process is expected to take around four to five weeks.
The bank has estimated the total discrepancy at about Rs 590 crore. Of this, Rs 490 crore was identified during reconciliation, while another Rs 100 crore was found through internal checks. The management does not expect the figure to rise further.
The Haryana Government has de-empanelled IDFC First Bank and AU Small Finance Bank for government business. AU Small Finance Bank has denied any wrongdoing.
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