The Central Bureau of Investigation (CBI) has filed a chargesheet against 13 accused in connection with the Rs 83-crore scam involving the Chandigarh Renewable Energy Science and Technology Promotion Society (CREST) fund at the IDFC First Bank. The chargesheet was submitted in a Chandigarh court.
According to The Tribune, the chargesheet runs over 240 pages and names 11 individuals and two companies as accused. This marks the second chargesheet filed by the CBI in the IDFC First Bank scam cases involving funds from government departments under the Chandigarh Administration.
Second Chargesheet in IDFC First Bank Scam Cases
Earlier, the CBI had filed a chargesheet in connection with a separate scam of Rs 153 crore linked to Chandigarh Smart City Limited. Both cases involve funds that were deposited in the IDFC First Bank branch located in Sector 32, Chandigarh. The CREST fund case is the latest development in the ongoing investigation into the misuse of public funds.
The investigation began after the Chandigarh police registered an FIR (No. 03) on March 12, 2026, according to the original story. The CBI later took over the probe.
What the Chargesheet Reveals
The chargesheet details the alleged role of the accused in the embezzlement of Rs 83 crore from the CREST fund. The CBI has accused the individuals and companies of colluding to divert the money meant for renewable energy projects in Chandigarh.
As reported by Zee Business, the CBI has flagged over 300 unauthorised transactions and forged bank statements in the case. The accused allegedly created fake documents to cover up the missing funds.
Our Take: A Pattern of Financial Mismanagement
This is the second major chargesheet in the IDFC First Bank scam in Chandigarh, and it points to a serious failure in financial oversight. The fact that public funds meant for renewable energy and smart city projects were allegedly stolen through forged documents and fake transactions is deeply concerning.
In our view, the CBI's chargesheet is a step in the right direction, but it also raises questions about how such large sums of money could be siphoned off without detection. The involvement of multiple accused, including companies, suggests a well-organized scheme. The public needs to see swift legal action and stricter controls to prevent such scams in the future.
