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.
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.
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The 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.
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Separately, 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.