Chandigarh: The Central Bureau of Investigation (CBI) has conducted extensive searches across Chandigarh and Ludhiana as part of its ongoing investigation into the alleged misappropriation of public funds belonging to the Municipal Corporation Chandigarh and Chandigarh Smart City Limited (CSCL).
According to the agency, search operations were carried out at five locations, including residential premises and business establishments linked to suspected beneficiaries, private entities, and public officials connected with the case. The investigation focuses on alleged diversion and fraudulent utilization of government funds through bank accounts associated with Chandigarh Smart City Limited and the Municipal Corporation Chandigarh.
During the raids, investigators seized a large number of documents, digital storage devices, electronic gadgets, financial records, property-related papers, and digital evidence believed to be relevant to the case. The agency stated that all seized materials are currently being examined to identify financial transactions and establish the flow of funds.
The CBI noted that this investigation forms part of a larger banking fraud case that was earlier transferred from the Haryana State Vigilance and Anti-Corruption Bureau. The alleged fraud involves approximately ₹540 crore of government funds that were reportedly siphoned off through forged documents, fake fixed deposits, and fraudulent debit transactions before being routed through shell entities.
Officials stated that chargesheets have already been filed against 17 accused in the Haryana-related case, including officials from IDFC First Bank, AU Small Finance Bank, government employees, private companies, and individuals allegedly involved in the financial irregularities.
Apart from the Haryana investigation, the CBI has also taken over two related cases concerning Chandigarh Smart City Limited and the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST). Chargesheets have already been filed in both matters against several bank officials, government employees, private individuals, and companies.
The agency emphasized that its investigation aims to trace the complete trail of the allegedly misappropriated public funds while identifying every individual responsible for the financial fraud. Officials added that forensic examination of electronic records and financial documents will play a key role in uncovering the extent of the alleged scam.
The CBI reaffirmed its commitment to ensuring accountability in public fund utilization and bringing all accused persons to justice. The investigation remains ongoing, and additional legal action may follow based on the evidence collected during the searches.
