CBI Reveals Synchronised Fraudulent Transactions in IDFC First Bank Scam
The Central Bureau of Investigation (CBI) has uncovered that fraudulent transactions involving funds of the Haryana Government, Chandigarh Smart City Limited (CSCL), and the Chandigarh Renewable Energy & Science & Technology Promotion Society (CREST) deposited in IDFC First Bank were carried out concurrently, indicating a coordinated conspiracy. The scams total over Rs 857 crore, with the CBI opposing the bail application of Sahil Kukkar, a former CREST accountant, in court.
Timeline of Fraudulent Transactions
The CBI informed the court that the first fraudulent transaction occurred on July 26, 2024, involving CREST funds. The second fraudulent transaction was reported in the CSCL fund on July 29, 2024. Subsequently, a similar fraudulent transaction took place in the funds of Haryana Government departments on November 11, 2024. According to the CBI, all accused actively participated in the criminal conspiracy, coordinating credit and debit transactions with co-accused, including bank officials.
Details of the Scams
The scams involve more than Rs 650 crore from Haryana Government funds, Rs 117 crore from CSCL funds, and Rs 83 crore from CREST funds. The accused allegedly had knowledge of the timing and amounts of genuine transactions anticipated in the CREST accounts and used this information to coordinate fraudulent debit and credit transactions.
False Reconciliation Statements
The CBI claims that Kukkar periodically prepared and submitted false reconciliation statements containing fictitious or inflated closing balances of CREST bank accounts, based on forged bank statements received from IDFC Bank officials Seema Dhiman and Abhay Kumar. The CBI submitted details of these false statements to the court. For the period from June 1, 2024, to August 31, 2024, the reconciliation statement of one account showed a bank balance of Rs 36,05,33,535, while the actual certified closing balance as of August 31, 2024, was Rs 12,55,33,535.
Discrepancies in Reconciliation Statements
For the period from September 1, 2024, to September 30, 2024, the reconciliation statement showed a bank balance of Rs 59,59,37,949, whereas the actual certified closing balance was Rs 15,71,08,951. For October 1 to October 31, 2024, the statement showed Rs 53,14,61,516 against an actual balance of Rs 59,46,516. For November 1 to November 30, 2024, the statement showed Rs 54,88,43,037, but the actual balance was merely Rs 3,19,310. For December 1 to December 31, 2024, the statement showed Rs 71,38,08,377.79, while the actual balance was Rs 95,54,150.79.
Continued Manipulation
For January 1 to January 31, 2025, the reconciliation statement showed a bank balance of Rs 73,17,76,623.79, but the actual balance was Rs 2,76,623.79. For February 1 to February 28, 2025, the statement showed Rs 74,28,54,447.79, whereas the actual balance was Rs 2,40,423.79. For March 1 to March 31, 2025, the statement showed Rs 67,35,00,205.79, but the actual balance was a mere Rs 19,874.79.
Original Balance Sheet Discrepancies
The original balance sheet of CREST for the financial year 2024-25, signed and relied upon by the accused, showed a bank balance of Rs 55,80,57,564 in IDFC First Bank Account No. 10156754398 as of March 31, 2025, whereas the actual balance was only Rs 19,874.79. Similarly, the balance of Account No. 10908070609 was shown as Rs 1,23,82,916 against the actual balance of Rs 2,73,690.
Role of the Accused
The CBI claims that the accused was instrumental in placing on record forged account statements and false financial records relating to CREST accounts. According to the agency, these documents played a central role in concealing the actual status of public funds and facilitating the diversion and misappropriation of public money through forged banking instruments and manipulated records.
