Mumbai, Feb. 24 -- IDFC FIRST Bank has credited Rs.583 crore to departments of the Government of Haryana within 24 hours, honouring 100 per cent of the principal and interest claimed following a fraud incident at its Chandigarh branch, the bank said on Tuesday.

According to a statement issued by the bank, preliminary findings indicate that certain branch employees allegedly acted fraudulently in clearing forged instruments and payment instructions, potentially in collusion with external parties. The matter is currently under investigation by the relevant authorities.

"Based on the preliminary internal review conducted, the matter is confined to a specific group of government-linked accounts within Haryana Government operated through the...