CBI has conducted raids at many places in Chandigarh and Ludhiana in connection with the misappropriation of funds of Chandigarh Smart City and Municipal Corporation. The search is part of the investigation into a larger banking scam involving IDFC First Bank. Many objectionable documents have been recovered.
New Delhi [भारत]July 23 (ANI): The Central Bureau of Investigation (CBI) has conducted searches at several places in Chandigarh and Ludhiana in a case related to misappropriation of funds from IDFC First Bank accounts of Chandigarh Smart City Limited (CSCL) and Municipal Corporation, Chandigarh.
According to the official release, the searches were conducted at five places. These include residential premises, business establishments of suspected beneficiaries of the fraudulent funds of Municipal Corporation, Chandigarh and Chandigarh Smart City Limited, CSCL public servant Anubhav Mishra and private institutions associated with the investigation. During the search, various incriminating documents and items were recovered and seized. These include digital evidence such as storage drives, digital signatures, property-related documents, financial records, multiple electronic devices and other documents related to the investigation. The seized documents and electronic records are under investigation and being analyzed.
This case is part of a big banking fraud of Rs 504 crore.
It is noteworthy that the CBI had taken over the investigation from the State Vigilance and Anti-Corruption Bureau of Haryana on the request of the state government. The HSPCB-related fraud is part of a larger banking fraud at the Sector-32 branch of IDFC First Bank, Chandigarh, in which government funds amounting to approximately Rs 504 crore belonging to eight departments of the Government of Haryana were allegedly siphoned off through fake/non-existent fixed deposits and fraudulent debit transactions and later routed through shell companies.
The CBI has so far filed charge sheets against 17 accused in the Haryana case, including six bank officials of IDFC First Bank and AU Small Finance Bank, three public servants of the Haryana government, two companies and six private individuals, the release said.
CBI also handled two more related cases
The CBI has also taken over two related cases from the Union Territory of Chandigarh – one related to Chandigarh Smart City Limited (CSCL)/Municipal Corporation Chandigarh and the other related to Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST). Charge sheets have already been filed in both the cases. In the CSCL case, the CBI has filed a chargesheet against five bankers, a CSCL official and a private individual. In the CREST case, a chargesheet has been filed against five bankers, two CREST officials, four private individuals and two companies.
“The CBI is committed to bringing all those responsible to justice and ensuring that the entire avenue of misuse of public funds is identified and the proceeds of crime are effectively traced,” the release said. (ANI)
(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)