All money lost in IDFC First Bank fraud recovered: Haryana CM

The Rs 590-crore fraud involving Haryana government accounts is the result of a collusion between employees of the IDFC Bank and external parties, the banks Managing Director and Chief Executive V Vaidyanathan said on Monday.

Haryana Chief Minister Nayab Singh Saini on Tuesday informed the State Assembly that the state government had recovered nearly Rs 556 crore owed to it in the IDFC First Bank case. ''Nearly Rs 556 crore, including nearly Rs 22 crore in interest, came back within 24 hours,'' Saini said in the House. On Sunday, the bank disclosed a Rs 590-crore fraud committed by its employees and others in accounts held by the Haryana government. ''I want to clarify before the House that the money concerning Haryana government departments, (the) entire amount has been deposited back into our accounts...The recovery has been made within 24 hours,'' Saini said. He said the bank had apprised the government that the incident primarily involved a particular branch of the bank in Chandigarh, involving four to five bank employees of middle and lower rung who colluded in the whole thing. The government will ensure that anybody who is involved – be it a bank employee, private individual or even a government employee -- will not be spared, he said. On Monday, Saini said the state's Anti-Corruption Bureau would conduct an in-depth probe into the fraud. ''We have formed a committee headed by the Finance Secretary in this entire matter,'' Saini said on Monday. Taking a dig at Congress, Saini said during the party's time, scams used to be hushed up and no one used to be held accountable, whereas the BJP government is working with zero tolerance towards corruption. The opposition Congress had raised the IDFC First Bank issue in the Assembly. The Rs 590-crore fraud involving Haryana government accounts is the result of a collusion between employees of the IDFC Bank and external parties, the bank's Managing Director and Chief Executive V Vaidyanathan said on Monday. In a specially convened call for investors and analysts ahead of the opening of the equity markets, Vaidyanathan said the bank will take some provisions as a result of the fraud.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)