IDFC Bank again, Rs 75-crore fraud in CREST accounts

The Economic Offences Police Station (EOPS), Sector 17, Chandigarh, today registered a case following the detection of massive financial irregularities in IDFC First Bank accounts of the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), a body functioning under the UT Administration.

According to police officials, the case was registered on the complaint of the Project Director of CREST on behalf of its Chief Executive Officer. In the complaint, it was alleged that unauthorised withdrawals and deposits were made in the society’s bank accounts maintained at a branch of IDFC First Bank located in Sector 32.

Abhay Kumar, Seema Dhiman and Ribhav Rishi, all employees of the bank, along with other unidentified individuals, have been named in the FIR registered under Sections 316(5), 318(4), 336(3), 338, 340(2) and 61(2) of the Bharatiya Nyaya Sanhita.

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The police said during the reconciliation of CREST’s financial records with the original bank statements provided by the bank branch, investigators detected as many as 303 unauthorised withdrawal and deposit transactions. These irregular transactions allegedly resulted in a shortfall of Rs 75,16,04,293 in the principal amount.

Investigators said the role of other bank officials was also being examined.

Also read: Rs 116 crore Chandigarh MC scam: Police probe money trail, get IDFC Bank records