• What Went Wrong
  
  IDFC First Bank discovered a **big fraud of about ?590 crore at one of its branches in Chandigarh. This money was linked to **some government accounts from the state of Haryana. (Moneycontrol)
  The fraud was mostly discovered when a government department asked to close an account and move money to another bank. The bank noticed that the money in the account didn’t match what the department said it should be. (Moneycontrol)
  It appears some bank employees and possibly outsiders were involved in this fake or unauthorized activity. 

• What the Bank Is Doing
  The bank suspended four employees who are suspected to be involved. 
  It has reported the matter to the police and is starting a detailed investigation using an outsie audit company (a forensic audit) to find exactly how it happened and who did it. 
  The bank said it will take disciplinary and legal action against anyone responsible. 

• What the CEO Said
  The CEO of the bank, V Vaidyanathan, said this is the first big problem like this in about 10 years. 
  He admitted it’s serious but assured that the bank will fix the issues, learn from it, and improve its systems so it doesn’t happen again.
  He also said that investors still trust the bank, and overall the bank’s business and long-term plans remain strong. 

• In Easy Words

Think of it this way:

• At one branch, someone messed with the accounts and made fake entries or took money they shouldn’t have — about ?590 crore.
• The bank caught it when a government customer came to close an account and the numbers didn’t add up.
• Now they’re investigating, punishing the people involved, and saying they’ll make things safer so this doesn’t repeat.
  
  source moneycontrol