The Central Bureau of Investigation (CBI) has successfully facilitated the deportation of Avinash Arjun Rathod from the United Arab Emirates to India, on July 23. This operation was executed in collaboration with the Ministry of External Affairs (MEA) and the Ministry of Home Affairs (MHA). Rathod is subject to a Red Notice issued by INTERPOL due to his involvement in a significant financial fraud case.

Rathod allegedly deceived investors into committing their funds to various schemes by falsely guaranteeing assured monthly returns. He reportedly misappropriated these investments, diverting funds through numerous bank and demat accounts. His arrival in Mumbai on July 23 marked the beginning of legal proceedings against him, as he was immediately taken into custody by Maharashtra Police.

CBI Conducts Searches in Chandigarh and Ludhiana

In a parallel investigation, the CBI conducted searches at five locations across Chandigarh and Ludhiana on July 20, concerning the alleged misappropriation of funds from IDFC First Bank accounts associated with Chandigarh Smart City Limited (CSCL) and the Municipal Corporation of Chandigarh. The investigations are part of a broader effort to examine financial irregularities involving public funds.

During the searches, officials focused on residential and commercial premises linked to suspected beneficiaries. Notably, the premises of CSCL official Anubhav Mishra were included in the operations. The CBI reported the retrieval of various incriminating documents and digital evidence, which includes storage drives, digital signatures, property-related documents, financial records, and several electronic devices.

The collected materials are currently under examination to strengthen the ongoing investigation. The CBI had previously taken over this case from the State Vigilance and Anti-Corruption Bureau of Haryana at the behest of the state government, with the intent to carry out a comprehensive inquiry.

Connections to a Larger Banking Fraud Scheme

This case is reportedly intertwined with a more extensive banking fraud scenario linked to IDFC First Bank’s Sector-32 branch in Chandigarh. Allegations suggest that approximately Rs 504 crore in government funds from eight Haryana government departments were illicitly siphoned off through forged fixed deposits and unauthorised debit transactions. These operations allegedly involved complex networks of shell companies.

To date, the CBI has filed charges against 17 individuals in connection with this fraud case. Additionally, multiple bank officials, public servants, private citizens, and companies have been charged in related investigations involving CSCL and the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST). The agency continues to pursue the trail of these financial misdeeds actively.

The CBI remains dedicated to pursuing all involved parties in this extensive fraud scheme. Efforts are ongoing to trace the illicit proceeds and hold accountable those responsible for these alleged crimes, ensuring a timely and thorough resolution of the cases under investigation.

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