NEW DELHI, Feb 22 (Reuters) – India’s IDFC First Bank said it was investigating a suspected ?fraud of $65 million by some employees involving ?accounts of local government entities and that the bank had ?alerted the police.
In a statement to the Bombay Stock Exchange late on Saturday, IDFC First said it had observed discrepancies of 5.9 billion rupees in ?accounts of some ?entities of the Haryana state government in the north of the country.
The Mumbai-based ?midsize private lender said it had suspended four employees of the branch in the city of Chandigarh ?pending investigation ?of the “incident involving unauthorized ?and fraudulent activities”.
The bank, ?which attracted investments from the likes of Warburg Pincus and Abu Dhabi Investment Authority last year, said it would appoint an independent agency to probe the incident and had filed a police complaint.
The ?Haryana state…
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.