One quarter's profit, gone! How IDFC First Bank fell victim to banking's oldest fraud in the age of cyberattacks

IDFC First Bank was rocked by a forged cheque fraud at its Chandigarh branch, triggering a sharp market selloff that wiped out over Rs 14,400 crore in shareholder wealth within hours. The issue surfaced on February 18 when Haryana government entities sought to close certain accounts and transfer funds, revealing discrepancies that led to the discovery of internal fraud. Within days, the fallout hit the bank’s 29 lakh shareholders hard.