IDFC First Bank scam: CBI conducts raids across multiple locations in Chandigarh, Ludhiana
The raids were conducted at five locations including residences, business establishments of suspected beneficiaries of the defrauded funds.
PTC News Desk: The Central Bureau of Investigation on Thursday conducted searches across multiple locations in Chandigarh and Ludhiana in connection with the case involving misappropriation of funds from IDFC First Bank accounts of Chandigarh Smart City Ltd. (CSCL) and Municipal Corporation of Chandigarh.
The raids were conducted at five locations including residences, business establishments of suspected beneficiaries of the defrauded funds.
During the searches, the CBI recovered and seized several documents and materials that are considered important for the investigation. These include digital storage devices, digital signatures, property-related papers, financial records, electronic gadgets and other relevant documents. Officials said the seized records are now being examined and analysed as part of the ongoing probe.
The case was earlier being investigated by the Haryana State Vigilance and Anti-Corruption Bureau before it was handed over to the CBI at the request of the state government.
According to investigators, around Rs 657 crore belonging to eight Haryana government departments and two departments of the Chandigarh Administration was allegedly misappropriated through fake or non-existent fixed deposits and fraudulent debit transactions. The money was then allegedly routed through shell companies to conceal the transactions.