IDFC First Bank probes suspected $65 mln fraud in accounts of government entities

IDFC First Bank is investigating a suspected $65 million fraud involving local government accounts, having alerted the police. The bank identified discrepancies of 5.9 billion rupees in Haryana state government accounts and suspended four employees pending investigation. An independent agency will be appointed to probe the incident, which was discovered when account closure requests revealed mismatched amounts. The bank reported a profit of $55.46 million in the last quarter.