IDFC First Bank Settles Employee Fraud Claims At Rs 645 Crore With Haryana Govt

After the earlier estimated Rs 590 crore employee fraud at IDFC First Bank came to light, the private lender on Tuesday informed bourses that it has paid net principal amount of Rs 645 crore to settle all claims.

In the employee bank fraud case linked to the IDFC First Bank's Chandigarh branch, the lender noted that the "incremental principal payout against the claims is Rs 55 crores more than the original estimates."

"We would like to confirm that these claims pertain to the same incident and linked to the same branch and not a new incident. There are no other pending claims," according to an exchange filing.

Further, IDFC First Bank noted that it will "continue to pursue actions against the perpetrators" to recover our dues, while adding that "no other claims have been received from any other entity across the country since February 25, 2026."

On other hand, the bank anticipates growth in deposits and loans going forward, broadly in line with the past trends.

The Bank’s total deposit balance continues to remain stable and stood at Rs 2,92,381 crores as of February 28, 2026, compared to Rs 2,91,133 crore as of December 31, 2025.

The average LCR for the ongoing quarter until February 28, 2026, stood at 114%.

After the Rs 590 crore IDFC First Bank fraud case was cropped up last month, Haryana authorities revealed the involvement of two former bank employees and two external individuals.

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Former bank employees Ribhav Rishi, Abhay Kumar, and Swastik Desh Projects owners Swati Singla, and Abhishek Singla remain they key individuals under the ongoing Rs 590 crore bank fraud investigation.

Haryana’s Anti-Corruption Bureau (ACB) confirmed the arrest of Ribhav Rishi, an IDFC bank manager, along with Abhay Kumar, a relationship manager, Swati Singla, and Abhishek Singla. Officials believe Rishi played a central role in executing and coordinating the transactions that led to the siphoning of funds from accounts maintained at the bank’s Chandigarh branch.

Earlier, MD and CEO at IDFC First Bank, V Vaidyanathan, said, "We will spare no one. And we have quickly moved in. We have appointed a forensic auditor for this, KPMG. And we will expect them to move in with great diligence and move very fast. And we will take the full support of the law enforcement of the country."