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Chandigarh: A central investigating agency has arrested two former bank officials in connection with the alleged misappropriation of nearly ₹504 crore belonging to eight Haryana government departments. The arrests mark a fresh development in the ongoing investigation into suspected diversion of public funds through fraudulent fixed deposits and suspicious banking transactions.
Former Bank Officials Arrested
The arrested accused have been identified as Shamim Dar, who was serving as Area Head of IDFC First Bank at the time of the alleged offences, and Charanjeet Singh Randhawa, who was then Branch Manager of AU Small Finance Bank’s Mohali branch.
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According to investigators, both accused allegedly played a key role in facilitating the opening of bank accounts and processing fraudulent transactions through which government funds were diverted. The agency said it had gathered incriminating evidence against them during the investigation.
Fake FDs Under Scanner
Officials said the case relates to the alleged misappropriation of approximately ₹504 crore belonging to eight Haryana government departments. The investigation alleges that forged or non-existent fixed deposits and misuse of banking procedures were used to siphon off public money.
Authorities are now examining the complete financial trail, movement of funds and possible involvement of other individuals connected to the alleged conspiracy.
Wider Financial Network Probed
Investigators are scrutinising banking records, account details and transactions to identify the ultimate beneficiaries of the diverted funds. The agency has indicated that further action may follow based on evidence collected during the probe.
The case had earlier seen a chargesheet against several accused, including bank officials, Haryana government employees, private individuals and entities allegedly linked to the fund diversion network.
Financial experts said the case highlights the need for stronger internal controls, regulatory compliance and continuous monitoring within banks handling public funds. They said timely investigation and accountability are essential to maintaining public confidence in financial governance.
