March 11, 2026 : The Enforcement Directorate (ED) has launched search operations at 19 locations across Chandigarh, Gurgaon and Mohali in connection with an alleged ₹590 crore fraud at the Chandigarh branch of IDFC First Bank.
According to the agency, the case relates to the suspected embezzlement of funds belonging to various departments of the Government of Haryana. These government agencies had deposited the funds in the bank for fixed deposits.
However, investigators believe that instead of placing the money in fixed deposits as intended, the funds were allegedly diverted and misused for personal purposes.
The ED said that the ongoing searches are being conducted at premises linked to business entities associated with former bank officials accused in the case, as well as beneficiaries of the alleged scam and several real estate agents where the diverted funds are suspected to have been invested.
Preliminary findings of the probe suggest that significant amounts of money were transferred to shell companies and small jewellery firms in an attempt to conceal the trail of funds.
The agency has also named a Chandigarh-based hotelier in connection with the case. The individual is reportedly absconding after the fraud came to light, and further investigation is underway.
