IDFC First Bank Fraud: CBI Raids Two Cities, Seizes Evidence

The CBI conducted searches in Chandigarh and Ludhiana on Thursday as part of an investigation into a Rs 657 crore fraud at IDFC First Bank. The searches targeted beneficiaries and public servants involved in the alleged misappropriation, the agency said.

Incriminating documents and digital evidence were recovered during the searches. The investigation was transferred to the CBI from Haryana's vigilance bureau. The fraud involved siphoning government funds through forged fixed deposits and debit transactions, according to the CBI.

IDFC First Bank has not commented on the searches. The CBI has not disclosed further details or a timeline for the investigation.