CBI – Searches Conducted in Chandigarh and Ludhiana Over Alleged Bank Fund Misappropriation
CBI – The Central Bureau of Investigation (CBI) has intensified its inquiry into the alleged diversion of funds linked to accounts maintained by Chandigarh Smart City Ltd. (CSCL) and the Municipal Corporation Chandigarh at IDFC First Bank. As part of the ongoing investigation, the agency carried out coordinated searches at multiple locations in Chandigarh and Ludhiana, collecting documents and electronic records that may assist in uncovering the financial trail.
Searches Conducted Across Multiple Locations
According to officials, the CBI conducted searches at five premises on Thursday as part of its investigation into the suspected misuse of public funds. The operation covered residential properties, commercial establishments connected to individuals believed to have benefited from the alleged transactions, as well as locations linked to public servant Anubhav Mishra of Chandigarh Smart City Ltd. Private entities that are under the agency’s scrutiny were also included in the search operation.
The agency stated that the exercise was aimed at gathering evidence relevant to the financial transactions being examined in the case. Investigators believe the collected material could help establish the movement of funds and identify the persons involved.
Digital and Financial Records Taken Into Custody
During the searches, officials seized a wide range of materials considered important for the investigation. These included digital storage devices, electronic gadgets, digital signature credentials, financial documents, property-related records and other documentary evidence.
The CBI said forensic examination of the seized electronic devices and records has already begun. Investigators will review the digital evidence alongside financial documents to determine whether the alleged diversion of funds involved fraudulent documentation, unauthorized transactions or other financial irregularities.
Case Transferred From Haryana Vigilance Agency
The investigation was originally handled by the Haryana State Vigilance and Anti-Corruption Bureau before being transferred to the Central Bureau of Investigation. Officials said the transfer was made considering the wider scope of the alleged fraud and the need for a coordinated investigation involving multiple entities.
The agency is examining the role of individuals, private firms and other beneficiaries who may have received funds through transactions currently under scrutiny. The inquiry remains ongoing, and investigators are continuing to verify records collected during the latest searches.
Alleged Fraud Linked to Larger Banking Scam
Investigators have indicated that the present case forms part of a broader alleged banking fraud involving IDFC First Bank’s Sector-32 branch in Chandigarh. According to the investigation, nearly Rs 504 crore belonging to eight Haryana government departments is suspected to have been diverted through forged or non-existent fixed deposit receipts and unauthorized debit transactions.
Officials allege that the money was subsequently routed through shell entities, making the financial trail more complex. The agency is working to trace the complete movement of funds and identify all individuals and organizations that may have played a role in the alleged scheme.
Investigation Continues With Focus on Evidence
The CBI has not disclosed any conclusions at this stage, emphasizing that the investigation is continuing on the basis of documentary and digital evidence collected during the searches. Officials said every seized record will be examined carefully before further legal action is considered.
The case has already led to charge sheets in related matters involving Haryana government departments, Chandigarh Smart City Ltd. and the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST). Investigators are expected to continue reviewing financial transactions and electronic evidence as they work to establish the full extent of the alleged banking fraud.