IDFC FIRST Bank Ltd, a private sector bank has reported ?590 crore fraud at one of its branches in Chandigarh.
“The aggregate amount under reconciliation across the identified accounts at the above mentioned Branch is approximately ?590 crore. The impact may be determined based on receipt of further information, validation of claims, recoveries of any nature including those made through the process of marking lien on fraudulent beneficiary accounts maintained with other Banks, liabilities of other entities involved in the fraudulent transactions, and the legal recovery process,” the bank informed the stock exchanges.
The bank said it received a request from a particular Department of Haryana Government for closure of its account and transfer of funds to another bank.
“In the process, certain discrepancy were…
These frauds exploit emotional vulnerability and trust rather than technical weaknesses.
- Romance Scams: Scammers build long-term online relationships with victims, eventually fabricating a “crisis” (medical emergency, legal trouble, or travel costs) that requires the victim to send money.
- Pig Butchering: A hybrid scam where the criminal builds a romantic or platonic relationship to eventually “tutor” the victim in a fraudulent cryptocurrency investment.