A Shocking Discovery
A major financial [[fraud::a crime where someone cheats to gain money]] has shocked India’s banking world. Around ₹590 crore of public money was found missing from government accounts held at an IDFC First Bank branch in Chandigarh. The money belonged to several departments of the Haryana government.
The issue was noticed when one department asked the bank to close its account and transfer the money to another bank. When the bank checked its records, the amount shown in the system did not match the amount the department believed was there. This difference raised serious questions.
Where the Money Came From
The missing money belonged to different departments of the Haryana government. These departments had deposited [[public funds::money collected and used by the government for public services]] in the bank. The money was meant for government programs such as housing, education, pollution control, power generation, and city development.
For example, in September 2025, the Development and Panchayat Department opened an account with ₹50 crore under a housing scheme. Some of the money was kept in [[fixed deposits::bank investments where money is locked for a period to earn interest]], which are usually considered safe investments.
How the Fraud Worked
Investigators believe the fraud was carried out using [[forged::illegally copied or fake]] cheques and fake documents. Some bank employees may have worked with outside partners to move money out of the government accounts without permission. Cheques with copied signatures of a senior government officer were allegedly used to withdraw the money.
Fake bank [[statements::official records showing money in and out of a bank account]] were then sent to government departments so that the missing funds would not be noticed immediately.
Following the Money Trail
A large part of the stolen money was reportedly transferred to a private company called Swastik Desh Projects. From that company’s account, the money was sent to different people and businesses, including jewellers and relatives of some suspects.
Investigators believe this was done to hide the [[source::the place something originally comes from]] of the money and make the trail harder to track.
What's Ahead?
Authorities began investigating the case, and several people were arrested. These included bank officials, a government employee, and people connected to the company involved in the transfers.
The bank later said it had paid back about ₹583 crore, including [[interest::extra money paid by banks for keeping funds with them]], to the affected government departments. However, investigations and court cases are still continuing, and officials are working to understand the full story of the scam.
Quick Revision
Around ₹590 crore of Haryana government money went missing from a bank account.
Investigators believe forged cheques and fake documents were used in the fraud.
Authorities have arrested several suspects, and investigations are still ongoing.
