CBI Cracks Down on Banking Fraud in Haryana: High-Profile Arrests Made

The CBI arrested two bank officials for their roles in misappropriating Rs. 504 crore of Haryana Government funds through irregular investments and fraudulent transactions. The investigation highlights a significant fraud case involving multiple bank officials and public servants orchestrating complex financial crimes.

The Central Bureau of Investigation (CBI) has arrested two high-ranking bank officials in a significant financial fraud case involving the misappropriation of funds from Haryana Government departments.

Shamim Dar, the former Area Head of IDFC First Bank, and Charanjeet Singh Randhawa, the ex-Branch Manager of AU Small Finance Bank in Mohali, were apprehended on Tuesday for allegedly facilitating irregular investments and fraudulent transactions of public surpluses.

The CBI, which took over the investigation from Haryana's State Vigilance and Anti-Corruption Bureau, collected incriminating evidence showing that Dar and Randhawa played pivotal roles in the diversion of public funds via fake fixed deposits and transactions through shell entities.

Authorities revealed the fraud precipitated at a Chandigarh branch of IDFC First Bank, involving a staggering Rs. 504 crore illegally funneled from eight government departments.

A chargesheet has been filed by the CBI against 17 individuals including bank officials, government employees, and private entities. Moreover, the CBI has assumed charge of additional cases from the Chandigarh Union Territory related to the Chandigarh Smart City Project and CREST Chandigarh.

Firm in its resolve, the CBI aims to ensure all responsible parties are held accountable, continuing its comprehensive pursuit to trace every misappropriated dollar.