IDFC-CREST scam investigation saw the arrest of project director Sukhwinder Abrol, who has been sent to five-day police custody. (Photo by special arrangement)Investigating the CREST-related fraud allegedly involving employees of IDFC First Bank, the Special Investigation Team (SIT) of Chandigarh Police Sunday arrested the project director of CREST (Chandigarh Renewable Energy and Science & Technology Promotion Society), Sukhwinder Abrol.He was produced before the duty magistrate and sent to five days’ police custody, said a police official.As per the police, an FIR was registered on the complaint filed by the chief executive officer of CREST, Sector 19, Chandigarh.Police said that cheating of Rs 83.04 lakh has been committed by the alleged accused, namely Abhay Kumar, Seema Dhiman, Ribhav Rishi, all officials of IDFC First Bank.According to the police, during investigation, it emerged that the money from bank accounts of CREST that was diverted to shell companies was transferred to bank accounts of Sukhwinder Abrol, his relatives and contacts.Further investigation is being carried out to find the cash trail and role of other employees of CREST, said the police.The three IDFC First Bank officials — Rishav Rishi, Abhay Kumar and Seema Dhiman — have allegedly disclosed during interrogation that “bank accounts of CREST were opened in their branch by them with the connivance of CREST officials”, and that shell firms were subsequently created to route the siphoned money, as per remand papers of Chandigarh Police.Story continues below this adAs per police sources, the accused officials were posted at the bank’s Sector 32 branch between 2023 and 2025 and played a key role in facilitating the operation of these accounts. The police stated that large sums of public funds were parked in the CREST accounts and later diverted through a structured mechanism involving dummy entities.The remand papers of police reveal that the accused bank officials made shell firms with the connivance of Smart City Project officials and Municipal Corporation officer.Three such firms — CAPCO Fintech, R S Traders and Swastik Desh Project — have been identified during the probe. These firms were allegedly floated in the names of close aides, including drivers and relatives of the accused, in an attempt to obscure the financial trail, as per the police remand paper.During questioning, the accused also disclosed the utilisation of the siphoned funds. As per the police sources, the alleged fraud amount has been invested in real estate business with the help of accused Vikram Wadhwa, who has already been arrested, and is currently in judicial custody. Earlier findings in the case had indicated that a total of 272 unauthorised transactions were carried out in CREST bank accounts.Stay updated with the latest - Click here to follow us on Instagram© The Indian Express Pvt Ltd