IDFC First Bank fraud: CBI raids Chandigarh, Ludhiana in ₹504 crore case
Synopsis
The CBI's latest raids in Chandigarh and Ludhiana are the newest front in a ₹504 crore banking fraud that allegedly drained funds from eight Haryana government departments through forged fixed deposits and shell entities — with 17 accused already chargesheeted across three interconnected cases.
Key Takeaways
The CBI searched five premises in Chandigarh and Ludhiana on 23 July in the IDFC First Bank fraud case.
The searches targeted residential premises, business establishments, and the premises of former accountant Anubhav Mishra .
The fraud allegedly involves approximately ₹504 crore in government funds belonging to eight Haryana government departments , routed through forged fixed deposits and shell entities.
The CBI has filed chargesheets against 17 accused , including six bank officials , three public servants , two companies , and six private individuals .
Two related Chandigarh cases — involving CSCL and CREST — have also been chargesheeted, with a combined total of over 20 individuals and entities named.
The Central Bureau of Investigation (CBI) on Thursday, 23 July conducted searches at five locations across Chandigarh and Ludhiana in connection with the alleged misappropriation of government funds from IDFC First Bank accounts held by Chandigarh Smart City Ltd (CSCL) and the Municipal Corporation Chandigarh. The raids are part of a widening probe into what investigators describe as a multi-departmental banking fraud totalling approximately ₹504 crore.
What the Searches Covered
The five premises searched included residential addresses, business establishments of suspected fund beneficiaries, and the premises of Anubhav Mishra, identified as a former accountant connected to the case, along with offices of private entities under the scanner. Investigators recovered and seized a range of material, including storage drives, digital signatures, property-related documents, financial records, and multiple electronic devices. The seized material is currently being examined and analysed as part of the ongoing investigation.
The Scale of the Alleged Fraud
The broader fraud centres on the IDFC First Bank branch in Sector 32, Chandigarh, where government funds belonging to eight departments of the Haryana government were allegedly siphoned off through forged and non-existent fixed deposits, fraudulent debit transactions, and shell entities. The total amount allegedly misappropriated stands at approximately ₹504 crore, according to investigators. The CBI took over the investigation from the State Vigilance and Anti-Corruption Bureau in Haryana at the state government's request.
Chargesheets Filed, 17 Accused Named
So far, the CBI has filed chargesheets against 17 accused, comprising six bank officials from IDFC First Bank and AU Small Finance Bank, three public servants of the Haryana government, two companies, and six private individuals. Beyond the Haryana-linked case, the agency has also assumed charge of two related cases in Chandigarh — one involving CSCL and the Municipal Corporation, and another concerning the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).
Case-Wise Breakdown
In the CSCL case, chargesheets have been filed against five bankers, one CSCL official, and one private individual. In the CREST case, the CBI has chargesheeted five bankers, two CREST officials, four private individuals, and two companies. Chargesheets have already been submitted to the court in both cases, indicating the probe has moved well beyond its preliminary stages.
What Comes Next
With digital evidence now in hand, investigators are expected to interrogate additional suspects and trace the movement of funds through the shell entities identified during earlier phases of the probe. The case represents one of the more complex government-linked banking fraud investigations currently active in northern India, with its tentacles spanning multiple public bodies, private firms, and financial institutions.
Point of View
Government accounting offices, and regulatory oversight, spanning eight departments and three public bodies. The involvement of forged fixed deposits and shell entities points to a sophisticated, multi-year operation that went undetected long enough to drain ₹504 crore. With 17 accused already chargesheeted and two additional Chandigarh cases active, the CBI's probe is unusually broad — but the harder question is how public funds of this scale moved through a regulated bank branch without triggering internal or external audit flags. That accountability gap has not yet been addressed publicly.
NationPress
23 Jul 2026
Frequently Asked Questions
What is the IDFC First Bank fraud case in Chandigarh?
It is a banking fraud case centred on the IDFC First Bank branch in Sector 32, Chandigarh, where approximately ₹504 crore in government funds belonging to eight Haryana government departments were allegedly misappropriated through forged fixed deposits, fraudulent debit transactions, and shell entities. The CBI took over the investigation from Haryana's State Vigilance and Anti-Corruption Bureau at the state government's request.
Why did the CBI conduct raids in Chandigarh and Ludhiana on 23 July?
The CBI searched five premises — including residential addresses, business establishments of suspected beneficiaries, and the premises of former accountant Anubhav Mishra — to recover incriminating documents and digital evidence linked to the fund misappropriation. Seized material includes storage drives, digital signatures, financial records, and electronic devices currently under forensic examination.
How many people have been chargesheeted in the IDFC First Bank fraud?
The CBI has filed chargesheets against 17 accused in the Haryana-linked case, comprising six bank officials from IDFC First Bank and AU Small Finance Bank, three Haryana government public servants, two companies, and six private individuals. Additional chargesheets have been filed in the related CSCL and CREST cases in Chandigarh.
What are the CSCL and CREST cases connected to this fraud?
The CBI has taken over two related cases in Chandigarh — one involving Chandigarh Smart City Ltd (CSCL) and the Municipal Corporation Chandigarh, and another involving the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST). Chargesheets have been filed in both: the CSCL case names five bankers, one CSCL official, and one private individual; the CREST case names five bankers, two CREST officials, four private individuals, and two companies.
What happens next in the CBI investigation?
Investigators are analysing the seized digital evidence — including storage drives and electronic devices — to trace the movement of funds through shell entities. Further interrogations of suspects and potential additional chargesheets are expected as the forensic examination progresses.
