2 min readChandigarhJun 30, 2026 04:36 PM IST
The Central Bureau of Investigation (CBI) has arrested two former bank officials in connection with the alleged misappropriation of Rs 504 crore belonging to eight Haryana government departments through fraudulent fixed deposits and bank transactions.
Those arrested are Shamim Dar, then Area Head of IDFC First Bank, and Charanjeet Singh Randhawa, then Branch Manager of AU Small Finance Bank’s Mohali branch.
According to the CBI, the two accused played key roles in facilitating the opening of bank accounts and processing fraudulent transactions through which public funds were diverted. The agency said it had collected incriminating evidence against both during the course of the investigation.
The accused were arrested on Tuesday and are being produced before the Special CBI Court in Panchkula.
The CBI took over the probe from the Haryana State Vigilance and Anti-Corruption Bureau at the request of the state government. The agency is investigating the alleged fraud at IDFC First Bank’s Sector 32 branch in Chandigarh, where Rs 504 crore belonging to eight Haryana government departments was allegedly siphoned off through forged or non-existent fixed deposits and debit notes before being routed to shell entities.
So far, the CBI has chargesheeted 17 accused in the case, including six officials of IDFC First Bank and AU Small Finance Bank, three Haryana government officials, two companies, and six private individuals.
The agency is also investigating two other cases transferred from the Chandigarh administration — one relating to Chandigarh Smart City Limited (CSCL) and the Chandigarh Municipal Corporation, and another involving the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).
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The CBI has filed chargesheets in both cases. In the CSCL case, it has chargesheeted five bankers, one CSCL official and one private individual. In the CREST case, it has chargesheeted five bankers, two CREST officials, four private individuals, and two companies.
The agency said it remained committed to bringing all those responsible to justice and tracing the complete trail of the misappropriated public funds.