CBI arrests 2 Bank Officials in Rs504 crore govt fund scam

The CBI has arrested two senior bank officials in connection with Rs 504 crore Haryana Government fund misappropriation case involving fraudulent fixed deposits and diversion of public money. The arrested officials have been identified as Shamim Dar, the then Area Head of IDFC First Bank, and Charanjeet Singh Randhawa, the then Branch Manager of AU Small Finance Bank, Mohali Branch. According to the CBI, the investigation revealed that both officials played key roles in facilitating the opening of bank accounts used to siphon off government funds and enabled fraudulent financial transactions through those accounts. The agency collected incriminating evidence during the investigation before arresting them. Both accused were produced before the Special CBI Court in Panchkula.
The case pertains to the alleged embezzlement of Rs504 crore belonging to eight Haryana Government departments. The fraud was allegedly executed through the Sector-32 branch of IDFC First Bank, Chandigarh, where surplus government funds were illegally diverted by creating forged or non-existent fixed deposits and fake debit notes. The money was subsequently routed to shell entities. The CBI had taken over the investigation from the Haryana State Vigilance and Anti-Corruption Bureau following a request from the Haryana Government.
So far, the CBI has filed charge sheets against 17 accused, including six bank officials from IDFC First Bank and AU Small Finance Bank, three Haryana Government officials, two companies, and six private individuals. The agency also recalled that it has taken over two related financial fraud cases from the Chandigarh Administration—one involving the Chandigarh Smart City Limited (CSCL)/Municipal Corporation Chandigarh and another related to CREST Chandigarh. 
In the CSCL case, the CBI has charge-sheeted five bankers, one CSCL official, and one private individual, while in the CREST case, it has charge-sheeted five bankers, two CREST officials, four private persons, and two companies.

(Freelance Journalist)