Chandigarh Police Charge Accused in ₹116 Crore Fake FDR Scam
₹116 crore fake FDR scam: Graft sections added against all accused
Hindustan Times
Image: Hindustan Times
Chandigarh police have added charges under the Prevention of Corruption Act against all suspects involved in a ₹116 crore fake fixed deposit receipt scam linked to the Chandigarh Smart City Company Limited. The fraud, involving the municipal corporation, was uncovered when officials sought to withdraw funds, leading to further investigations into financial irregularities at the Chandigarh Renewable Energy & Science & Technology Promotion Society.
- 01Charges under the Prevention of Corruption Act have been added against all accused.
- 02The scam involves ₹116.84 crore linked to fake fixed deposit receipts.
- 03The fraud was uncovered when the municipal corporation sought to withdraw funds.
- 04A separate ₹75 crore fraud is also being investigated at the Chandigarh Renewable Energy & Science & Technology Promotion Society.
- 05Investigations may extend to other bank and government officials.
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The Chandigarh police have escalated their investigation into a significant fraud involving ₹116.84 crore linked to fake fixed deposit receipts (FDRs) at the Chandigarh Smart City Company Limited (CSCL). On Thursday, they added charges under the Prevention of Corruption Act against all accused individuals. The fraud came to light when the municipal corporation attempted to withdraw or transfer funds, revealing discrepancies in the accounts. Additionally, a related case involving ₹75 crore was reported by the Chandigarh Renewable Energy & Science & Technology Promotion Society (CREST), following a complaint regarding financial irregularities amounting to approximately ₹83.04 crore at IDFC First Bank. The police have registered FIRs citing multiple offenses, including cheating and forgery, and are continuing to investigate potential involvement from additional bank and government officials.
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The ongoing investigation may lead to greater scrutiny of financial practices within government bodies and banks, potentially resulting in reforms to prevent such frauds in the future.
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