IDFC First Bank CEO V Vaidyanathan said the ₹590-crore fraud committed by staff of its Chandigarh Branch is "the oldest kind of fraud probably known to banking". Calling it an "isolated incident", Vaidyanathan said, "How this has happened is obviously due to connivance of employees...We'll spare no one." The lender uncovered the fraud following Haryana government's request for fund transfer.