₹116 crore fake FDR scam: Graft sections added against all accused

The case pertains to the alleged siphoning of ₹116.84 crore belonging to the municipal corporation (MC) and CSCL through fake FDRs

The UT police added sections under the Prevention of Corruption (PC) Act on Thursday, against all accused in the alleged ₹116 crore fake fixed deposit receipt (FDR ) fraud of Chandigarh Smart City Company Limited (CSCL) and the ₹75 crore fraud of Chandigarh Renewable Energy & Science & Technology Promotion Society (CREST).

Police have not ruled out the involvement of more bank and government officials as the investigations continue.  (HT File)

The case pertains to the alleged siphoning of ₹116.84 crore belonging to the municipal corporation (MC) and CSCL through fake FDRs, which came to light last month when the civic body approached the bank seeking withdrawal or transfer of invested funds.

The Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST) fraud stems from a March 10 complaint filed by the CREST chief executive officer regarding financial irregularities in the society’s bank accounts amounting to approximately ₹83.04 crore at IDFC First Bank, Sector 32. Subsequently, an FIR was registered at the Economic Offences Police Station (EOPS), Sector 17. Both FIRs invoked multiple sections of the Bharatiya Nyaya Sanhita, including cheating, forgery and criminal conspiracy.

Police have not ruled out the involvement of more bank and government officials as the investigations continue.