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Haryana greenlights CBI probe into five IAS officers in 590 crore IDFC First Bank fraud case

Haryana greenlights CBI probe into five IAS officers in 590 crore IDFC First Bank fraud case

Haryana has authorized the CBI to investigate the alleged role of five IAS officers in a Rs 590-crore IDFC First Bank fraud case. The approval, granted under Section 17A of the Prevention of Corruption Act, enables the agency to question the officers after earlier legal barriers. The probe follows claims that government funds were diverted through fraudulent approvals into private banks like IDFC First Bank and AU Small Finance Bank. CBI searches in Chandigarh and Panchkula led to seizures of financial records and digital evidence. Sixteen people have been arrested so far.

Summarised by Beize from a story on The Economic Times on 16 May 2026
CBI raids Chandigarh and Panchkula as IDFC First and AU Small Finance fraud probe widens

CBI raids Chandigarh and Panchkula as IDFC First and AU Small Finance fraud probe widens

CBI carried out searches at seven locations across Chandigarh and Panchkula as part of a fraud probe involving IDFC First Bank and AU Small Finance Bank. The case, handed over by the Haryana government, investigates allegations that bank officials allegedly conspired with public servants to misappropriate government funds. Authorities claim the wrongdoing was routed through jewelry showrooms and private entities, widening the inquiry into how credit and payments were potentially manipulated.

Summarised by Beize from a story on Republic on 15 May 2026

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CBI raids Chandigarh and Panchkula in Haryana bank scam seizing digital evidence and records from 16 accused

CBI raids Chandigarh and Panchkula in Haryana bank scam seizing digital evidence and records from 16 accused

The Central Bureau of Investigation raided multiple locations in Chandigarh and Panchkula as part of an investigation into a Haryana bank scam. The CBI said it seized financial records and digital evidence related to alleged fraud involving government funds. According to officials, certain individuals from IDFC First Bank and AU Small Finance Bank allegedly colluded with Haryana government public servants to misappropriate money using fraudulent means. The case was transferred to the CBI by the Haryana government, and searches were carried out at seven sites on May 14. Sixteen people have been arrested as the probe accelerates.

Summarised by Beize from a story on The Economic Times on 15 May 2026
ED arrests two ex IDFC First Bank staff in massive Rs 645 crore embezzlement probe

ED arrests two ex IDFC First Bank staff in massive Rs 645 crore embezzlement probe

The Enforcement Directorate has arrested two former IDFC First Bank employees in connection with a money laundering investigation linked to a large-scale embezzlement case. Prosecutors allege the duo helped siphon around Rs 590 crore from Haryana government funds, using ghost companies to route and erase the money, with the total case value placed at about Rs 645 crore.

Summarised by Beize from a story on The Economic Times on 12 May 2026
IDFC First Bank targets 20% deposit growth again as credit costs cool and momentum returns

IDFC First Bank targets 20% deposit growth again as credit costs cool and momentum returns

IDFC First Bank CEO V Vaidyanathan says the bank’s Q4 deposit growth slowdown was intentional and temporary, with April data already showing strong momentum. He remains confident of hitting 20% annual deposit growth in FY27, while credit costs trend lower and operating expenses stay under control. The CEO also indicated no West Asia impact yet.

Summarised by Beize from a story on The Economic Times on 27 Apr 2026
IDFC First Bank shares jump over 3% as investors react to latest profits

IDFC First Bank shares jump over 3% as investors react to latest profits

IDFC First Bank shares surged as much as 3.27% on Monday, April 27, hitting an intra-day high of Rs 69.43. The rally comes shortly after the bank reported a year-on-year jump in net profit of about 5%, renewing investor optimism around its recent performance and earnings momentum.

Summarised by Beize from a story on Republic on 27 Apr 2026

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IDFC First Bank Q4 profit edges up as NII jumps 16% to Rs 5677 crore

IDFC First Bank Q4 profit edges up as NII jumps 16% to Rs 5677 crore

IDFC First Bank’s Q4 FY26 showed modest profit growth of about 5%, with net interest income rising 16% to Rs 5,677 crore. The result was backed by faster loan and deposit growth and improving asset quality. Margins eased slightly, while provisions declined steadily. Even so, management expects deposits to keep building, though the stock has lagged longer-term performance.

Summarised by Beize from a story on The Economic Times on 27 Apr 2026
IDFC First Bank says microfinance stress is under control as deposit rates likely stay flat

IDFC First Bank says microfinance stress is under control as deposit rates likely stay flat

IDFC First Bank expects no immediate rise in deposit rates after recent cuts, signaling stability on funding costs. The lender says microfinance stress is now under control while it concentrates on growth across mortgage, vehicle and consumer loans. It also plans to expand rural banking and its priority sector loan book, alongside technology and mobile app investments for future growth.

Summarised by Beize from a story on The Economic Times on 27 Apr 2026
IDFC First Bank Q4 profit rises 5% as provisions fall, but a Chandigarh fraud hits operations hard

IDFC First Bank Q4 profit rises 5% as provisions fall, but a Chandigarh fraud hits operations hard

IDFC First Bank posted a modest 5% rise in Q4 net profit, supported by a 40% drop in provisions. But performance took a hit after a Rs 645-crore fraud at its Chandigarh branch. The bank fully expensed the impact in the quarter, dragging operating profit down 42% despite the improved provisioning trend.

Summarised by Beize from a story on The Economic Times on 26 Apr 2026
Haryana dismisses official in 590 crore IDFC First Bank fraud conspiracy

Haryana dismisses official in 590 crore IDFC First Bank fraud conspiracy

Haryana has dismissed a Development and Panchayat Department superintendent, Naresh Bhuwani, linked to a reported Rs 590 crore IDFC First Bank fraud. The state alleges a criminal conspiracy behind fraudulent banking transactions, with government money transferred to shell companies. The action signals tightening scrutiny of public funds and financial controls as investigations continue.

Summarised by Beize from a story on The Economic Times on 25 Apr 2026

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IDFC First Bank raises INR 7 5k crore using convertibles to delay dilution

IDFC First Bank raises INR 7 5k crore using convertibles to delay dilution

IDFC First Bank will raise INR 7,500 crore through compulsorily convertible preference shares (CCPS) rather than issuing fresh equity. Because CCPS convert into shares at a later date, the bank postpones dilution for existing shareholders. The move highlights how financing structure can shift the timing of shareholder impact while still securing new capital.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
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