The Economic Offences Wing (EOW) has provided a comprehensive update on the investigation into the Rs 191 crore Smart City project and the Chandigarh Renewable Energy and Science and Technology Promotion Society (Crest) scam. An EOW officer disclosed that the accused transferred approximately Rs 50 crore into the accounts of four to five jewellers in the city.
SIT Examines Gold and Cash Transactions
The Special Investigation Team (SIT) is currently scrutinizing whether these jewellers provided cash or gold in exchange for the transferred funds. Neither has been seized so far. On March 14, the Haryana Anti-Corruption Bureau arrested Rajan Katodiya, the owner of Sawan Jewellers, in connection with the case. Investigations revealed that his firm allegedly received over Rs 250 crore through shell companies linked to the main accused — Ribhav Rishi, Abhay Kumar, and others.
Alleged Diversion of Funds
It is alleged that Katodiya diverted the money by showing fictitious gold sales through his firm, for which he charged a hefty commission. According to investigating agencies, approximately Rs 200 crore diverted from government accounts was used to purchase gold.
Former Smart City Official Under Suspicion
The former Chief General Manager of the Smart City project, N P Sharma, has not been given a clean chit. SIT officers stated that he was questioned for over 50 hours. Although no concrete evidence has been found against him so far, his role remains under suspicion. The investigation into his activities covers his contacts, call details, bank accounts, and financial transactions.
Systematic Layering of Funds
Police revealed that government funds were systematically transferred to shell companies and various bank accounts. The money was then layered through multiple levels and either converted into cash or parked in safe investments such as gold.
Arrests Made So Far
Police have arrested ten individuals in the case, including administrative officers, bank employees, businessmen, and persons associated with shell companies. Those arrested include:
- Nalini Malik, former Chief Finance Officer
- Sukhwinder Singh Abrol, former Project Director, Crest
- Sahil Kukkar, Head of Accounts, Crest
- Ribhav Rishi, former IDFC Bank manager
- Abhay Kumar, relationship manager
- Seema Dhiman, bank authorizer
- Vikram Wadhwa, realtor
- Swati Singla
- Abhishek Singla
- Ankur Sharma, shell company operators
Investigations into the roles of several other suspects are ongoing.
Future Steps
The SIT will bring the accused arrested in Panchkula on production warrants for questioning. Officers said decisions on further arrests would be taken after questioning the main accused. A chargesheet is likely to be filed in court soon.
