The alleged scam in CREST, involving nearly Rs 83 crore, had surfaced around two months ago.Probing the FIR registered in connection with the alleged Rs 83-crore scam involving the Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST), the Central Bureau of Investigation (CBI) on Thursday arrested Haryana Power Generation Corporation Limited (HPGCL) Finance Director Amit Dewan, days after his arrest in the Rs 590-crore Panchkula bank fraud case.Dewan was produced before a special CBI court of Bhawna Jain in Chandigarh on Thursday after being brought from Ambala jail on a production warrant. The agency obtained his four-day custodial remand for further interrogation. He will now be produced before the court again on May 18.The CBI also secured a two-day remand of businessman Vikram Wadhwa, describing him as a key accused in both the Chandigarh Smart City and CREST scam cases.According to CBI sources, transactions worth Rs 75 lakh linked to CREST funds were traced to Wadhwa’s account and are currently under scrutiny. The alleged scam in CREST, involving nearly Rs 83 crore, had surfaced around two months ago.During the proceedings before the court, the CBI alleged that Dewan had close links with former IDFC Bank manager Ribhav Rishi, another accused in the case. CBI officials alleged that Rishi facilitated large cash payments to Dewan, allegedly ranging between Rs 25 lakh and Rs 50 lakh on multiple occasions.Sources from agency claimed that the money was allegedly used for personal expenses, including leisure trips.The CBI is now examining the bank accounts and financial transactions of both the accused — Dewan and Wadhwa to trace the alleged diversion and withdrawal of government funds. CBI officials are also investigating suspected transactions and alleged cash movements connected to CREST accounts.As per sources from CBI, Dewan and Rishi allegedly floated shell companies and carried out suspicious transactions exceeding Rs 50 crore during Dewan’s tenure as Finance Director in HPGCL. It is also alleged that their association began through IPL cricket matches, where Rishi provided match tickets to Dewan.Story continues below this adThe agency has further alleged that government funds parked in fixed deposits were diverted through shell companies and later invested in the real estate sector. The alleged scam involved funds belonging to Chandigarh Smart City Limited and CREST that had been deposited with IDFC Bank.The agency officials also claimed that two delivery workers had allegedly been hired specifically to move cash and documents linked to the transactions. Efforts are underway to trace and question them.The case was initially unearthed by Chandigarh Police, which had detected alleged irregularities worth Rs 116.84 crore in Chandigarh Smart City Limited and around Rs 83 crore in CREST. Later, the Chandigarh Administration recommended a CBI probe to the Union Ministry of Home Affairs, following which two fresh FIRs were registered by the agency.Dewan was earlier arrested on March 18 in connection with the Panchkula bank fraud case and was subsequently dismissed from service.Story continues below this adSeparately, a case abetment to suicide was also registered against him after HPGCL finance officer Balwant Singh allegedly died by suicide by jumping from the eighth floor of Haryana Civil Secretariat. In his alleged suicide note, Singh had named Dewan.Jagpreet Singh Sandhu is a Senior Correspondent at The Indian Express, based in Chandigarh. He is a veteran reporter with over a decade of experience, specializing in legal, crime, and environmental reporting across the tri-city area (Chandigarh, Mohali, and Panchkula). Professional Background Core Beat: He primarily covers the Punjab and Haryana High Court, District Courts, CBI Courts, and Consumer Commissions. His legal reporting is known for breaking down complex judgments and tracking long-standing criminal cases. Environmental Reporting: Jagpreet has become a key voice in reporting on the deteriorating air quality and weather patterns in the Punjab-Haryana region. Crime & Technology: He frequently reports on cybercrime, digital arrest scams, and the intersection of technology and law enforcement, such as the development of citizen-centric policing apps. Recent Notable Articles (Late 2025) His late 2025 coverage has focused on significant judicial verdicts, major financial scams, and public health concerns: 1. Legal & CBI Court Verdicts "12 years on, CBI court acquits Haryana judge, parents in wife’s death case" (Dec 17, 2025): Detailed coverage of the acquittal of a judicial officer in a high-profile dowry death case from 2013. "‘Wicked & evil mind’: Court gives man 30-year term for kidnapping, sexually assaulting 8-year-old" (Dec 16, 2025): A report on a stern judgment from a Chandigarh district court in a POCSO case. "Man acquitted in rape case after victim found ‘very happy’ in wedding reception" (Dec 9, 2025): Covering a unique legal observation regarding consensual relationships and age verification. 2. Investigative & Scams "CBI registers FIR in Rs 1.14-cr Patient Welfare Grant scam at PGIMER" (Dec 19, 2025): An exposé on how funds meant for poor patients were siphoned off through forged documents and a photocopy shop inside the PGIMER campus. "Month-long torture, Rs 85 lakh transfers: How ‘Innocence Certificate’ led to a ‘digital arrest’ of an elderly couple" (Dec 12, 2025): Detailing a sophisticated cyber fraud targeting senior citizens in Chandigarh. 3. Environment & Public Safety "Panchkula air turns ‘very poor’, fourth worst in country" (Dec 22, 2025): Reporting on the sudden spike in pollution levels in Panchkula compared to neighbouring cities. "Soon, you can snap that overspeeding car, and report to Chandigarh Police" (Dec 16, 2025): Breaking news on a new mobile application being developed to allow citizens to report traffic violations via geo-tagged photos. 4. Gangster Culture & Crime "City Beautiful in the crosshairs of gangsters" (Dec 14, 2025): A feature analysis of how Chandigarh has increasingly become a staging ground for extortion and rivalries between gangster modules. "Shooters wanted for Parry murder held by Delhi Police Special Cell" (Dec 18, 2025): Following the developments in a high-profile murder case in Chandigarh’s Sector 26. Signature Style Jagpreet is recognized for his tenacious follow-up on cold cases and his ability to report on courtroom drama with a focus on victim rights. His work often highlights administrative lapses, whether in the handling of patient welfare funds or the enforcement of environmental standards. ... Read MoreStay updated with the latest - Click here to follow us on Instagram© The Indian Express Pvt LtdTags:CBI