Judicial Custody for Five in ₹83-Crore IDFC-CREST Fraud Case in Chandigarh
Chandigarh: Five sent to judicial custody in IDFC-CREST fraud case
Hindustan Times
Image: Hindustan Times
Five individuals, including officials from the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), have been sent to judicial custody in connection with a ₹83-crore fraud involving IDFC First Bank accounts. The case, initiated after a complaint from CREST's CEO, involves serious allegations of financial irregularities and criminal conspiracy.
- 01Five accused sent to judicial custody include CREST officials and bank employees.
- 02The fraud amounts to ₹83.04 crore detected in bank accounts.
- 03A local court previously sent the main conspirator, Vikram Wadhwa, to custody.
- 04A production warrant has been filed for two additional accused.
- 05CREST is responsible for promoting renewable energy initiatives in Chandigarh.
Advertisement
In-Article Ad
Five individuals have been sent to judicial custody in connection with an alleged ₹83.04 crore financial fraud involving the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST) and IDFC First Bank. The accused include CREST project director Sukhwinder Abrol, accountant Sahil Kukkar, and several bank officials. This case emerged after CREST's CEO filed a complaint on March 10, following the discovery of significant financial irregularities in the society's bank accounts. A First Information Report (FIR) was subsequently registered at the Economic Offences Police Station in Chandigarh, invoking multiple sections of the Bharatiya Nyaya Sanhita, including cheating and criminal conspiracy. The main conspirator, Vikram Wadhwa, was previously sent to judicial custody on March 26. Additionally, a production warrant has been issued for two other accused, Abhishek Singla and his wife Swati Singla, who are linked to an alleged shell company involved in funneling funds. CREST, which serves as the nodal agency for promoting renewable energy and science initiatives in Chandigarh, is keen on ensuring transparency and a thorough investigation into the matter.
Advertisement
In-Article Ad
The fraud case raises concerns about financial governance and accountability within public organizations like CREST, impacting public trust in renewable energy initiatives.
Advertisement
In-Article Ad
Reader Poll
Do you think more stringent regulations are needed to prevent financial fraud in public organizations?
Connecting to poll...
Read the original article
Visit the source for the complete story.



