Staff collusion led to Haryana Government account fraud: IDFC Bank
The Hindu
IDFC Bank's ₹590-crore fraud linked to staff collusion; bank plans provisions while maintaining strong profitability outlook.
The ₹590-crore fraud involving Haryana Government accounts is the result of a collusion between employees of the IDFC Bank and external parties, its Managing Director and Chief Executive V. Vaidyanathan said on Monday (February 23, 2026).
In a specially convened call for investors and analysts ahead of the opening of the equity markets, Mr. Vaidyanathan said the bank will take some provisions as a result of the fraud and in line with its policies to recognise any stress upfront.
However, the same is unlikely to have a major impact on profits, he said, pointing out that wider net interest margins and credit costs will be of help.
“So, on a standalone basis, we were expecting a very solid Q4 in terms of profitability,” Mr. Vaidyanathan said.
The Haryana Government has de-empanelled IDFC First Bank and AU Small Finance Bank for government business after IDFC Bank disclosed a ₹590-crore fraud in Haryana Government accounts. AU Small Finance Bank has denied any wrongdoing.
Mr. Vaidyanathan said the independent forensic audit by advisory firm KPMG is expected to conclude in 4-5 weeks.
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