Rs 75-cr IDFC First Bank-linked CREST scam: 3 arrested, sent to judicial custody

As per documents placed before the court of Chief Judicial Magistrate Sachin Yadav, the FIR, dated March 12, 2026, arose from a complaint by CREST officials regarding suspicious and unauthorised transactions in bank accounts maintained with IDFC First Bank, Sector 32.

According to the police, Swati and Abhishek were linked to Swastik Desh Project, a firm that allegedly received crores of rupees from various government departments. The funds were subsequently routed to other accused persons, their personal accounts and associated firms, suggesting deliberate layering to conceal the money trail.

Accused Ankur Sharma, associated with SRR Gurus Private Limited, was also found to have routed substantial funds through company accounts before transferring them further.

The police alleged that the three acted in connivance to cheat government departments, causing wrongful loss to the public exchequer while securing gains for themselves.

The SIT told the court that bank statements earlier received through official email IDs of certain bank officials appeared to match authorised balances. However, original hard copies later obtained from the bank branch revealed discrepancies, indicating manipulation. During reconciliation, investigators found that earlier statements were allegedly forged and did not reflect actual transactions.

The probe identified 272 unauthorised transactions in one CREST account and 31 in another, none initiated or approved by CREST’s accounts branch or authorised signatories. The police said this led to a shortfall of Rs 75.16 crore, along with an additional interest impact of Rs 7.88 crore.

During proceedings, the three accused were produced before the court after the police obtained permission for their arrest and interrogation. The investigators submitted that funds siphoned off from entities such as Municipal Corporation Chandigarh, Smart City Limited and CREST were routed through multiple firms, including Capco Fintech Services, R S Traders and Swastik Desh Project, requiring further verification.

The SIT sought 14-day judicial custody, which was granted by the court.

So far, a total of 10 accused have been arrested in the case, comprising Vikram Wadhwa, Nalini Malik, Sukhwinder Singh Abrol, Rishav Rishi, Abhay Kumar, Seema Dhiman, Sahil Kukkar, and now Swati Singla, Abhishek Singla and Ankur Sharma. The investigation is ongoing to identify further beneficiaries.