IDFC First’s Rs 645‑crore fraud uncovered after exec’s early warning, two officials sacked

IDFC First, a private sector bank, is under scrutiny after a massive fraud amounting to Rs 645 crore came to light. The irregularities were first reported internally by a senior bank executive several months before law enforcement filed a First Information Report (FIR).\n\nFollowing the executive’s warning, the bank launched an internal inquiry. The investigation confirmed the scale of the fraud and identified lapses in oversight. As a result, two senior officials were terminated from their positions.\n\nThe case underscores growing concerns over governance and risk management in Indian financial institutions. Authorities are reviewing the findings and may pursue further legal action against those implicated.\n\nIDFC First has said it will tighten internal controls and cooperate fully with regulators to restore confidence.