The Central Bureau of Investigation (CBI) has taken two former banking executives into custody concerning a significant fraud case involving Haryana government funds. The arrested individuals, Shamim Dar, formerly an Area Head at IDFC First Bank, and Charanjeet Singh Randhawa, a former Branch Manager at AU Small Finance Bank's Mohali branch, are implicated in allegedly siphoning off public money.
According to CBI statements, the former officials played crucial roles in enabling the opening of bank accounts used to reroute fraudulent transactions. These transactions involved surplus funds from various Haryana government departments that were ostensibly meant for investment in fixed deposits.
Details of the Alleged Fraud Scheme
The investigation uncovered that approximately ₹504 crore was diverted from its intended purpose. Instead of being securely invested, these funds were allegedly siphoned through the use of forged or non-existent Fixed Deposit (FD) receipts and unauthorized debit notes. The CBI asserts that both Dar and Randhawa, in their past capacities, were instrumental in facilitating these illicit activities, including the establishment of bank accounts crucial to the fraud.
Evidence against the two former bankers has been gathered by the agency during its ongoing investigation. Following their arrests, both individuals are scheduled to appear before the Special CBI Court in Panchkula.
Broader Investigation and Previous Actions
This case primarily centers on alleged irregularities at the Sector 32 IDFC First Bank branch in Chandigarh, where the diversion of Haryana government surplus funds reportedly occurred. The CBI had previously filed a chargesheet in this complex case, naming 17 accused parties. These include six bank officials from both IDFC First Bank and AU Small Finance Bank, three Haryana government officials, two companies, and six private individuals.
Beyond the Haryana government funds case, the CBI has also expanded its investigative scope to include two other related matters within the Chandigarh Union Territory. These additional probes target alleged irregularities within Chandigarh Smart City Limited (CSCL) and the Chandigarh Municipal Corporation. Chargesheets have also been filed in these connected cases, identifying various bankers, government officials, and private entities.
The CBI has reiterated its commitment to thoroughly investigate and identify all individuals responsible for the alleged fraud, vowing to trace the full trail of the misappropriated public funds as the investigation progresses.