Chandigarh, March 12 (NationPress) The probe into the IDFC First Bank scam has uncovered that the primary suspect established multiple shell companies and unlawfully diverted government funds into various accounts, according to Additional Director General of Police Charu Bali, affiliated with the State Vigilance and Anti-Corruption Bureau, during a press briefing on Thursday.

Preliminary findings have indicated that funds were transferred from government department accounts to these shell companies without proper authorization.

The implicated companies include R.S. Traders, Cap Co Fintech Services, S.R.R. Planning Gurus Private Ltd, and Swastik Desh Project.

Bali reported to the media in Panchkula that a case was filed on February 23 against unidentified officials from IDFC First Bank and AU Small Finance Bank under Section 13 (2) in conjunction with Section 13 (1)(a) of the Prevention of Corruption Act of 1988 and various sections of the Indian Penal Code of 2023.

The investigation has traced the involvement of 12 bank accounts associated with eight departments, including 10 linked to IDFC First Bank in Sector 32, Chandigarh, and two at AU Small Finance Bank.

Authorities have executed extensive raids at 16 locations related to this case, and video evidence has been collected from some sites, she noted.

The Additional Director General confirmed that 11 individuals have been apprehended, comprising six bank staff members, four private citizens, and one government official.

Currently, 10 of the arrested individuals are in judicial custody, while one is under police remand.

During the searches, critical documents pertaining to property acquisitions suspected to be financed with criminal proceeds were recovered.

Moreover, over 25 electronic devices, including mobile phones and laptops, have been confiscated and dispatched for analysis to the Cyber Forensic Laboratory.

Authorities have also impounded six luxury vehicles, which include three Toyota Fortuners, two Innovas, and one Mercedes, believed to be purchased with illicit funds, Bali stated.

Furthermore, requests have been made to freeze more than 100 bank accounts suspected of being involved in the fraudulent activities. Investigations have identified unauthorized financial transactions across eight government departments, with a detailed review of financial records from the past year currently in progress and nearing completion.

Thus far, the investigation has revealed the involvement of numerous government officials, employees, and private individuals.

Once confirmed, the Vigilance Bureau will take necessary action against the offenders, she indicated.

Additionally, 10 properties have been identified that are reasonably suspected to have been acquired using the fruits of crime.

The investigation has also brought to light that the suspects manipulated banking records by creating fake debit memos or transferring funds without valid debit memos or cheque authorizations.

Investigators have discovered that forged bank statements were generated to facilitate the transfer of funds to multiple accounts directly or indirectly connected to the accused and their relatives.

According to the Additional Director General of Police, a significant volume of records has been retrieved from the relevant banks and departments, which are being scrupulously analyzed to pinpoint both legitimate and illegitimate transactions and trace the complete flow of funds.

The Vigilance Bureau has stated that pertinent information is being shared with other investigative agencies as required, with the case being pursued in close coordination among various governmental bodies.