Chandigarh — The Economic Offences Police Station (EOPS) in Sector 17 has registered a case after investigators detected significant financial irregularities in bank accounts belonging to the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), a body functioning under the Chandigarh Union Territory Administration.
The case was initiated following a complaint submitted by the Project Director of CREST on behalf of the organization’s Chief Executive Officer, according to police officials familiar with the investigation. Authorities said the complaint alleged that unauthorized withdrawals and deposits had been carried out in the society’s bank accounts maintained at an IDFC First Bank branch in Sector 32.
The discovery of the transactions has prompted a broader probe by economic offences investigators into the handling of funds within the accounts and the potential involvement of individuals linked to the bank.
FIR Names Bank Employees and Unidentified Individuals
In connection with the case, police have named three bank employees — Abhay Kumar, Seema Dhiman and Ribhav Rishi — along with several unidentified individuals in the First Information Report. The FIR has been registered under Sections 316(5), 318(4), 336(3), 338, 340(2) and 61(2) of the Bharatiya Nyaya Sanhita, according to officials.
Investigators said the case was filed after preliminary scrutiny suggested irregular activity in accounts linked to the government-affiliated society. Authorities are now examining the role of the individuals named in the complaint, as well as the operational procedures surrounding the accounts at the bank branch where they were maintained.
Officials said the investigation remains ongoing and additional persons may come under scrutiny as financial records are reviewed.
Reconciliation of Financial Records Reveals Hundreds of Transactions
According to police officials, the alleged irregularities came to light during a reconciliation process in which CREST’s internal financial records were compared with the original bank statements provided by the bank branch.
During this review, investigators said they detected a total of 303 transactions involving unauthorized withdrawals and deposits in the accounts. Authorities stated that the irregular transactions collectively resulted in a shortfall of ₹75,16,04,293 in the principal amount.
Officials said the transactions appeared across multiple entries in the bank statements and are now being examined individually as investigators attempt to reconstruct the sequence of financial activity in the accounts.
Investigators Examine Possible Involvement of Additional Officials
Police officials said that, in addition to the individuals named in the FIR, the role of other bank officials is also under examination. Investigators are reviewing account records, banking procedures and related documentation to determine how the unauthorized transactions were processed and whether internal controls were bypassed.
Officials did not indicate the time span over which the transactions took place, but said the reconciliation exercise was central to identifying the discrepancies between the society’s records and the bank’s statements.
The Economic Offences Police Station has continued its inquiry into the case as part of an effort to determine the circumstances surrounding the financial irregularities and identify those responsible.
