IDFCFIRSTB

- IDFC First Bank discloses Rs 590 crore fraud at Chandigarh branch involving govt accounts

IDFC First Bank discloses Rs 590 crore fraud at Chandigarh branch involving govt accounts -

IDFC FIRST Bank on Sunday said certain employees at one of its Chandigarh branches were involved in fraudulent activities amounting to Rs 590 crore. The lender said that four suspected officials have been placed under suspension pending investigation. "The Bank will pursue strict disciplinary, civil and criminal action against the employees and other external individuals responsible, in accordance with applicable law," said the bank through stock exchange filing. Additionally, the lender is in the process of appointing an independent external agency to conduct an independent forensic audit. Source : ***** All this is for information. This is not a buy/sell recommendation. thank you, Technofunda24