Chandigarh Police Pursue Production Warrants in Major Banking Scam
The UT police in Chandigarh are set to bring eight additional accused individuals to the city on production warrants for intensive interrogation in connection with the sprawling IDFC First Bank scam, which involves a staggering sum exceeding Rs 600 crore. These accused were previously apprehended by the Haryana Police and will now face questioning by Chandigarh authorities as the investigation deepens.
Court Proceedings and Judicial Custody
In a recent development, the police formally informed a local court about their intention to secure production warrants for these individuals. Concurrently, they sought judicial custody for Vikram Wadhwa, a key suspect arrested just last week. Wadhwa was produced before the court on Wednesday and subsequently remanded to 14 days of judicial custody, highlighting the seriousness of the allegations.
The accused targeted by the production warrants include Swati Singla, Abhishek Singla, Naresh Kumar Bhuwani, Manish Jindal, Arun Sharma, Priyanka Bhatoa, Anuj Kaushal, and Ankur, among others. Their transfer to Chandigarh is deemed essential for the ongoing probe conducted by the Economic Offences Wing of the Chandigarh Police, which has registered multiple FIRs in this complex case.
Details of the Fraudulent Activities
The scam came to light through separate complaints filed by officials from the Chandigarh Municipal Corporation and the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST). In the CREST case, Project Director Sukhwinder Singh alleged a fraud amounting to Rs 75 crore, pointing to suspicious and unauthorized transactions in bank accounts maintained with IDFC First Bank in Sector 32, Chandigarh. A total of 31 unauthorized deposit and withdrawal transactions were identified, none of which were initiated or approved by CREST's authorized personnel.
In a parallel complaint, Municipal Corporation officials suspected an even larger scam of over Rs 116 crore, involving the creation of fake Fixed Deposit Receipts (FDRs) from Smart City funds. These allegations underscore the multifaceted nature of the financial misconduct, which has sent shockwaves through local governance and banking sectors.
Ongoing Investigation and Previous Actions
The investigation into this massive scam commenced on February 24, following the revelation of a Rs 590 crore fraud in Haryana. This earlier phase led to the arrest of Ribhav Rishi and Abhay Kumar, both former employees of IDFC First Bank. In a prior move, the police had already brought these two accused, along with Seema Dhiman, to Chandigarh from Ambala Jail on production warrants for interrogation, indicating a systematic approach to unraveling the network of alleged fraudsters.
As the Chandigarh police intensify their efforts, the focus remains on uncovering the full extent of the scam, which spans multiple jurisdictions and involves sophisticated financial manipulations. The pursuit of production warrants for the eight additional accused marks a critical step in consolidating the investigation and ensuring that all individuals linked to the fraud are thoroughly examined.
