In a swift resolution to what could have been one of the state’s largest financial scandals, Haryana Chief Minister Nayab Singh Saini informed the legislative assembly that the government has successfully recovered the entire amount involved in the IDFC First Bank fraud. The recovery of the misappropriated public funds was completed within an unprecedented 24-hour timeframe, quelling concerns over the safety of the state exchequer.
Speaking during the Budget Session, Chief Minister Saini confirmed that the state’s accounts have been credited with a total of ₹578 crore. This substantial figure includes the principal defrauded amount of ₹556 crore, along with ₹22 crore in accrued interest. The alleged financial irregularities, which were initially estimated to be around ₹590 crore, were restricted to a cluster of government-linked accounts operating out of a specific IDFC First Bank branch in Chandigarh.
The massive discrepancy came to light just days ago when a Haryana government department initiated a routine request to close its account and transfer its funds to another financial institution. During the reconciliation process, officials noticed a glaring mismatch between the balance reported by the department’s internal records and the actual funds available in the bank. This alarming discovery triggered an immediate internal review across multiple departments, prompting the state to secure its assets instantly.
Taking a hardline stance against corruption and financial mismanagement, the Chief Minister declared that no one involved in the scam would go unpunished. “Whether it is a government official, a bank employee, or any private entity, anybody found involved will not be spared at any cost. No one will be allowed to cast an evil eye on government money,” Saini asserted on the floor of the House. He emphasized that the recovered funds belong to the hardworking people of Haryana and must be strictly safeguarded.
Following the shocking revelations, the state government acted decisively by de-empanelling IDFC First Bank from all government business operations with immediate effect. To uncover the full extent of the conspiracy, the state has directed the Anti-Corruption Bureau (ACB) and the Vigilance Department to conduct a comprehensive, high-priority investigation. A First Information Report (FIR) has already been lodged against the suspected bank employees and potential external collaborators.
Furthermore, to ensure institutional accountability and prevent the recurrence of such financial breaches, the government has constituted a high-level committee headed by the finance secretary. This committee is tasked with identifying the exact administrative lapses and recommending stringent protocols for the future.
The issue had sparked a significant political uproar, with Leader of the Opposition Bhupinder Singh Hooda demanding complete transparency and immediate action. While the state’s rapid recovery of the funds has stabilized the situation locally, the broader banking sector received reassurance from Reserve Bank of India (RBI) Governor Sanjay Malhotra, who clarified that the fraud was an isolated incident and did not represent a systemic risk to the country’s financial infrastructure.
