NEW DELHI — The Central Bureau of Investigation (CBI) conducted searches across five locations in Chandigarh and Ludhiana on Thursday in connection with an alleged ₹657 crore fund misappropriation from IDFC First Bank accounts belonging to Chandigarh Smart City Ltd. (CSCL) and the Municipal Corporation of Chandigarh.
The raids targeted residential and commercial properties of suspected beneficiaries, private entities, and CSCL official Anubhav Mishra. According to a CBI spokesperson, the operations led to the recovery of key incriminating evidence, including digital signatures, storage drives, property documents, and financial records.
Investigators revealed that government funds deposited at IDFC First Bank's Sector-32 branch in Chandigarh were systematically siphoned off using forged fixed deposit records and illegal debit transactions before being routed through shell companies. The scam has caused an estimated loss of ₹504 crore to the Haryana government and ₹153 crore to Chandigarh authorities.
The CBI took over the probe from Haryana’s State Vigilance and Anti-Corruption Bureau following a request from the state government. The agency has already filed multiple chargesheets and arrested three senior IAS officers in connection with the case.
