New Delhi, 30 June (H.S.): The Central Bureau of Investigation (CBI) has arrested two more bank officials in connection with the IDFC First Bank fund embezzlement case. The arrested officials have been identified as Shamim Dar, who was serving as Area Head of IDFC First Bank at the relevant time, and Charanjit Singh Randhawa, who was then the Branch Manager of AU Small Finance Bank's Mohali branch.

According to the CBI investigation, both officials played a role in the wrongful investment of surplus funds belonging to various departments of the Haryana government through fixed deposits and fraudulent financial transactions. The investigation found that the process was used to divert public funds to shell companies.

The agency said substantial evidence had been collected against the two accused, following which they were arrested. They are being produced before the Special CBI Judge in Panchkula.

The CBI said the case was transferred to it from the Haryana State Vigilance and Anti-Corruption Bureau at the request of the Haryana government.

The alleged fraud took place at the IDFC First Bank branch in Sector 32, Chandigarh, where approximately Rs 504 crore belonging to eight Haryana government departments was allegedly siphoned off through fake fixed deposits and forged debit notes.

The agency said it has so far filed charge sheets against 17 accused in the case, including six bank officials, three government employees, two companies, and six private individuals.

The CBI further stated that it has also taken over the investigation into two other cases related to Chandigarh Smart City Limited (CSCL) and CREST Chandigarh. Charge sheets have already been filed in both cases.

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Hindusthan Samachar / Jun Sarkar