Chandigarh. In a major development in the alleged ₹83 crore CREST scam, the Central Bureau of Investigation (CBI) has arrested Amit Dewan, Finance Director of Haryana Power Generation Corporation Limited (HPGCL). He was produced before a special CBI court on Thursday, which remanded him to four days of police custody. In the same case, businessman Vikram Wadhwa has also been sent to a two-day remand, with investigators identifying him as a key link connecting both the Chandigarh Smart City and CREST scam cases.
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CREST fund diversion under CBI scrutiny
According to the investigating agency, the CREST case, linked to the Chandigarh Renewable Energy and Science and Technology Promotion Society, came to light around two months ago after allegations surfaced regarding misuse of public funds and financial irregularities. Preliminary findings indicated a coordinated pattern of alleged diversion of funds through collusion between government officials and private entities.
CBI officials stated that the investigation has uncovered suspected financial transactions, forged documentation, and questionable payment channels through which public money was allegedly routed into private accounts. The agency further claimed that several crucial financial records and digital evidence have been seized, which may help map the wider structure of the alleged network.
Amit Dewan and Vikram Wadhwa remanded
Regarding Amit Dewan, the CBI has alleged that he played a significant role in financial processes and is under scrutiny for allegedly facilitating or approving certain suspicious transactions. Businessman Vikram Wadhwa, on the other hand, is being viewed by investigators as a “connecting link” through which multiple transactions and project-related fund flows were allegedly routed.
During court proceedings, the CBI argued that custodial interrogation was necessary to understand the structure of the network, fund flow mechanisms, and the involvement of other individuals. The court accepted the request and granted custody for both accused for different durations.
The seriousness of the case has increased further as investigators are now examining possible links with another alleged scam related to the Chandigarh Smart City project. Similarities in financial transfers and administrative processes across both cases have prompted authorities to widen the scope of the probe.
Smart City links and wider network being examined
Sources indicate that the agency is also investigating whether other government officials, private companies, or intermediaries were involved in the alleged scheme. Digital forensic analysis, banking records, and email communications are currently being examined to reconstruct the full financial trail.
The arrests have created significant ripples in administrative and financial circles. Concerns are being raised over the oversight mechanisms governing public funds and whether existing audit systems were sufficient to detect irregularities earlier. Experts believe that stronger digital monitoring and real-time financial tracking systems are essential to prevent large-scale fund diversion in the future.
The CBI has indicated that further arrests cannot be ruled out as the investigation progresses. The agency is also preparing to file a detailed chargesheet based on the evidence collected so far.
