IDFC FIRST Bank: Paid Rs 645 crore to settle client claims in Chandigarh fraud case

While reacting to an FIR registered in an alleged fraud of over Rs 116 crore against some officials of IDFC FIRST Bank Limited and an outsourced employee of the Chandigarh Municipal Corporation, the bank today said it had already settled client claims and completed reconciliation, with no further discrepancies detected.

A spokesman for the bank, while referring to the update and disclosures given to National Stock Exchange of India Limited in this matter today, said that against the initial estimate of principal of Rs 590 crore, the bank had received claims and paid the net principal amount of Rs 645 crore.

Thus, the incremental principal payout against the claims is Rs 55 crore more than the original estimates.  The bank  said that these claims pertained to the same incident and linked to the same branch and not a new incident.

There were no other pending claims, he said. The bank has made the payment to the clients concerned in line with its principled approach on this matter of making good the client payments, he stated. “The bank will continue to pursue actions against the perpetrators to recover our dues.  The bank has since completed reconciliation of all relevant accounts in the Chandigarh branch, and no further discrepancy is noted. No other claims have been received from any other entity across the country since February 25, 2026,” the spokesman said.

He said that the bank's total deposit balance continued to remain stable and stood at Rs 2,92,381 crore as of February 28, 2026, compared to Rs 2,91,133 crore as of December 31, 2025.