Chandigarh, Feb. 23 -- IDFC FIRST Bank has suspended four employees after it discovered fraudulent activity involving approximately Rs 590 crore in certain Haryana government accounts at its Chandigarh branch, the bank said in its official stock exchange filing.

The bank has launched an investigation, and plans to recover the funds through legal and disciplinary action.

"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 said branch in Chandigarh and does not extend to other customers of the Chandigarh Branch. The aggregate amount under reconciliation across the identified accounts at the abovementioned Branch is appr...