The investigation carried out by the CBI into scams worth over Rs 857 crore involving funds of the Haryana Government, Chandigarh Smart City Limited (CSCL), and the Chandigarh Renewable Energy & Science & Technology Promotion Society (CREST) deposited in IDFC First Bank has revealed that fraudulent transactions were taking place concurrently, suggesting that the frauds were carried out in a coordinated manner by the accused persons.
While opposing the bail application of one of the accused, Sahil Kukkar, a former CREST accountant, the CBI informed the court about the pattern of transactions and the alleged conspiracy.
The CBI told the court that the first fraudulent transaction took place on July 26, 2024, involving CREST funds. The second fraudulent transaction was reported in the CSCL fund on July 29, 2024. Thereafter, a similar fraudulent transaction took place in the funds of Haryana Government departments on November 11, 2024.
The CBI is investigating the alleged scams involving more than Rs 650 crore from Haryana Government funds, Rs 117 crore from CSCL funds, and Rs 83 crore from CREST funds.
The investigation revealed that all the accused actively participated in the criminal conspiracy and, in furtherance of its objectives, coordinated credit and debit transactions with co-accused persons, including bank officials.
The accused allegedly had knowledge of the timing and amounts of genuine transactions anticipated in the CREST accounts and, based on this information, coordinated fraudulent debit and credit transactions.
The CBI claims that Kukkar periodically prepared and submitted false reconciliation statements containing fictitious or inflated closing balances of CREST bank accounts, based on forged bank statements received through emails from IDFC Bank officials Seema Dhiman and Abhay Kumar.
The CBI submitted before the court details of the false reconciliation statements allegedly prepared by the accused.
For the period from June 1, 2024, to August 31, 2024, the reconciliation statement of one account showed a bank balance of Rs 36,05,33,535, whereas the actual certified closing balance as of August 31, 2024, was Rs 12,55,33,535.
For the period from September 1, 2024, to September 30, 2024, the reconciliation statement showed a bank balance of Rs 59,59,37,949, whereas the actual certified closing balance as of September 30, 2024, was merely Rs 15,71,08,951.
For the period from October 1, 2024, to October 31, 2024, the reconciliation statement showed a bank balance of Rs 53,14,61,516, whereas the actual certified closing balance as of October 31, 2024, was merely Rs 59,46,516.
For the period from November 1, 2024, to November 30, 2024, the reconciliation statement showed a bank balance of Rs 54,88,43,037, whereas the actual certified closing balance as of November 30, 2024, was merely Rs 3,19,310.
For the period from December 1, 2024, to December 31, 2024, the reconciliation statement showed a bank balance of Rs 71,38,08,377.79, whereas the actual certified closing balance as of December 31, 2024, was Rs 95,54,150.79.
For the period from January 1, 2025, to January 31, 2025, the reconciliation statement showed a bank balance of Rs 73,17,76,623.79, whereas the actual certified closing balance as of January 31, 2025, was merely Rs 2,76,623.79.
For the period from February 1, 2025, to February 28, 2025, the reconciliation statement showed a bank balance of Rs 74,28,54,447.79, whereas the actual certified closing balance as of February 28, 2025, was merely Rs 2,40,423.79.
For the period from March 1, 2025, to March 31, 2025, the reconciliation statement showed a bank balance of Rs 67,35,00,205.79, whereas the actual certified closing balance as of March 31, 2025, was merely Rs 19,874.79.
The original balance sheet of CREST for the financial year 2024-25, signed and relied upon by the accused, showed a bank balance of Rs 55,80,57,564 in IDFC First Bank Account No. 10156754398 as of March 31, 2025, whereas the actual balance was a paltry Rs 19,874.79.
Similarly, the balance of Account No. 10908070609 was shown as Rs 1,23,82,916 against the actual balance of Rs 2,73,690.
The CBI claims that the accused was instrumental in placing on record forged account statements and false financial records relating to CREST accounts.
According to the agency, these documents played a central role in concealing the actual status of public funds and facilitating the diversion and misappropriation of public money through forged banking instruments and manipulated records.
