ED conducts raids in IDFC Bank fraud investigation
after close1 source ↓written by the desknot a recommendation
- in Chandigarh
- 19 premises
- fraud at IDFC
- ₹590 crore
The Enforcement Directorate (ED) is raiding 19 premises in Chandigarh, Gurgaon, and Mohali related to a ₹590 crore fraud at IDFC First Bank. The investigation focuses on the alleged embezzlement of funds meant for fixed deposits from Haryana government accounts, which were reportedly diverted for personal use.
The ED is tracking money trails linked to former bank officials and real estate agents involved in the scheme, highlighting potential risks for the banking sector and investor sentiment.
Not investment advice. For informational purposes only.