The Central Bureau of Investigation (CBI) yesterday conducted simultaneous searches at several locations in Chandigarh and Ludhiana for the alleged government banking fraud of Chandigarh Smart City Ltd (CSCL) and Municipal Corporation Chandigarh with IDFC First Bank.
The agency also conducted searches at five locations including the residences and business premises of suspected beneficiaries, properties linked to former accountant Anubhav Mishra, and offices of private companies believed to be linked to the fraud.
Documents and Digital Evidence Seized.
The CBI seized a large amount of documents and electronic evidence considered key in the investigation. The recovered material includes:
Digital storage devices
Digital signatures
Property-related documents
Financial records
Electronic devices
Other investigation-related documents
As a result, the agency said, seized evidence will be subjected to forensic examination to trace the movement of funds, identify beneficiaries, and establish the extent of the alleged conspiracy.
₹504 Crore Siphoned Through Fake Fixed Deposits
The incident is part of a larger bank fraud in the Sector 32 of IDFC First Bank in Chandigarh, investigators said.
The investigation found that a total amount of ₹504 crore belonging to eight government departments in Haryana was siphoned off using forged FDs and fake debit transactions. They say the money was transferred through shell companies and intermediary banks to hide its origin and the identity of the real beneficiaries.
After transferring to CBI, Investigation Expanded.
The case was initially investigated by the Haryana State Vigilance and Anti-Corruption Bureau before being transferred to the CBI after a request from the Haryana government.
The CBI has since expanded the investigation to include related cases involving Chandigarh Smart City Ltd (CSCL), Municipal Corporation Chandigarh, and Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).
Chargesheets Filed Against Multiple Accused
So far, the CBI has filed chargesheets against 17 accused in the larger banking fraud case. These include:
Six officials from IDFC First Bank and AU Small Finance Bank.
Three Haryana government officials.
Two companies.
Six private individuals.
In the CSCL case, chargesheets have been filed against five bank officials, one CSCL official, and one private individual. In the CREST case, the agency has named five bank officials, two CREST officials, four private individuals, and two companies.
Investigation Continues
CBI officials said the new searches would lead to significant leads and could give clues to the full money trail and in particular to all those individuals who benefited from the alleged diversion of public funds.
The investigation continues, officials said, and forensic examination of the seized evidence is ongoing. There could be more searches and arrests or more chargesheets if new evidence emerges as investigators continue to investigate the alleged misuse of the banking system and the diversion of government funds.
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