IDFC First Bank has reported a fraud of ₹590 crore. At a time when the banking system has become ultra risk-averse, with strict Know Your Customer (KYC) norms and heavy documentation for retail consumers, how did such a large-scale fraud take place? We also examine the recent history of frauds in the Indian banking system and their modus operandi. Share this: Click to share on WhatsApp (Opens in new window) WhatsApp Click to share on Facebook (Opens in new window) Facebook Click to share on Threads (Opens in new window) Threads Click to share on X (Opens in new window) X Click to share on Telegram (Opens in new window) Telegram Click to share on LinkedIn (Opens in new window) LinkedIn Click to share on Pinterest (Opens in new window) Pinterest Click to email a link to a friend (Opens in new window) Email More Click to print (Opens in new window) Print Click to share on Reddit (Opens in new window) Reddit Click to share on Tumblr (Opens in new window) Tumblr Click to share on Pocket (Opens in new window) Pocket Click to share on Mastodon (Opens in new window) Mastodon Click to share on Nextdoor (Opens in new window) Nextdoor Click to share on Bluesky (Opens in new window) Bluesky Like this:Like Loading... Post navigation Training programme on ‘Leadership in Prison Administration’ commences 25 years imprisonment for kidnapping, sexually assaulting minor girl