IDFC First Bank Pays ₹645 Crore to Settle Chandigarh Fraud Claims

Mumbai/Chandigarh: IDFC First Bank has paid ₹645 crore towards claims related to a major financial fraud case linked to Chandigarh, the bank said in an official statement.

According to the bank, the payment was made after a detailed review and reconciliation of the accounts involved in the alleged fraud. The lender stated that it has completed the reconciliation process for all relevant accounts associated with the case.

Following the extensive verification exercise, the bank said it did not find any additional discrepancies beyond the claims that have already been addressed. The settlement of ₹645 crore has been made as part of the process of resolving the financial impact arising from the fraudulent transactions.

Bank officials said internal teams conducted a thorough audit of records and transactions to ensure that all irregularities were properly identified and rectified. The reconciliation process involved examining multiple accounts and financial documents connected with the matter.

The bank emphasized that it has also strengthened its internal monitoring systems and compliance mechanisms to prevent such incidents in the future. Additional safeguards have been introduced to improve transaction tracking and enhance risk management procedures.

The fraud case had earlier drawn attention due to the significant amount involved and its connection with accounts in Chandigarh. With the completion of the reconciliation process and settlement of the claims, the bank said the matter has largely been resolved from its side.

Financial experts note that banks often undertake extensive verification and settlement processes in cases of large-scale fraud to protect depositors’ interests and maintain financial stability.

IDFC First Bank reiterated its commitment to maintaining transparency, strong governance standards and robust internal controls in its operations.