The alleged ₹590-crore financial irregularity linked to IDFC First Bank has erupted into a major political controversy in Haryana, placing the state government under intense public and opposition scrutiny. What began as an administrative red flag has now evolved into a full-blown political and governance crisis, challenging the credibility and financial oversight mechanisms of the Saini-led government.
Responding to mounting pressure, Haryana Chief Minister Naib Singh Saini announced a high-level investigation and assured the public that strict action would be taken against all those found responsible, irrespective of position or institution.
Government Moves to Contain Damage
According to official statements, the government acted after discrepancies were detected in financial statements linked to funds placed in IDFC First Bank. The Chief Minister stated that when explanations were sought, the responses did not align with financial records, raising serious red flags.
Following this, the state government took an immediate administrative decision to transfer the entire amount — along with accrued interest — to an authorised bank to ensure the safety of public funds. The government has asserted that the money is fully secure and will be recovered in total.
The matter has now been formally handed over to the Anti-Corruption Bureau (ACB) and the Vigilance Department, signalling a criminal and administrative investigation into the entire transaction chain, including internal government processes and banking procedures.
Bank’s Position and Regulatory Angle
In its defence, IDFC First Bank reportedly communicated with Securities and Exchange Board of India (SEBI), claiming that the irregularity was the result of actions by a single employee. However, the Haryana government has made it clear that accountability will not be limited to individuals alone.
Chief Minister Saini stated that if institutional negligence or complicity is established, action will be taken against the bank as well, not just against individual employees. This position significantly raises the stakes, making it both a criminal investigation and a regulatory accountability issue.
Political Fallout in the Haryana Assembly
The issue became a flashpoint in the Haryana Assembly after former Chief Minister and senior Congress leader Bhupinder Singh Hooda raised the matter on the floor of the House. Hooda questioned the government’s handling of the case and demanded clarity on what actions had been taken since the irregularities were first detected.
विपक्ष के नेताओं का आरोप है कि इतने बड़े वित्तीय लेन-देन में अनियमितता एक दिन में सामने आ सकती थी, और सरकार की प्रतिक्रिया में देरी प्रशासनिक लापरवाही को दर्शाती है। The controversy has given the Congress a powerful political weapon to attack the Saini government over governance, transparency, and financial discipline.
In response, the Chief Minister assured the Assembly that the investigation has been formally transferred to ACB and Vigilance authorities and that no individual or institution will be protected if wrongdoing is proven. He also clarified that government funds are placed in multiple banks across departments, and this specific case is now under structured investigation.
