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Financial fraud accused Avinash Rathore brought to India from UAE

New Delhi [भारत]July 24 (ANI): The Central Bureau of Investigation (CBI), in coordination with the Ministry of External Affairs (MEA) and the Ministry of Home Affairs (MHA), has successfully deported red notice subject Avinash Arjun Rathod from the United Arab Emirates (UAE) to India on July 23. According to a press release, Rathod is wanted in a case involving large-scale financial fraud.

Rathore, in connivance with others, as part of a criminal conspiracy, induced investors to invest in several schemes by falsely promising fixed monthly returns. He dishonestly misappropriated the funds and diverted the proceeds through multiple bank accounts and demat accounts. Earlier, a red notice was issued against Rathod through Interpol. Rathore reached Mumbai on July 23 and a Maharashtra Police team took him into custody.

CBI raid in Chandigarh Smart City Fund scam

In a separate development, the CBI on Thursday conducted searches at five locations in Chandigarh and Ludhiana as part of its ongoing investigation into alleged misappropriation of funds from IDFC First Bank accounts belonging to Chandigarh Smart City Limited (CSCL) and Chandigarh Municipal Corporation. The searches covered residential premises of suspected beneficiaries, business establishments, premises linked to CSCL officer Anubhav Mishra and other private entities linked to the investigation.

According to the agency, several incriminating documents and digital evidence, including storage drives, digital signatures, property-related documents, financial records and several electronic devices, were seized during the operation. The recovered material is being investigated.

So far 17 accused in the case

The CBI had earlier taken over the case from Haryana's State Vigilance and Anti-Corruption Bureau on the request of the state government. The case pertains to a massive banking fraud involving the Sector-32 branch of IDFC First Bank in Chandigarh, where government funds amounting to approximately Rs 504 crore belonging to eight departments of the Government of Haryana were allegedly siphoned off through fake or non-existent fixed deposits and fraudulent debit transactions and then routed through shell entities.

So far, the CBI has chargesheeted 17 accused in the Haryana case and also chargesheeted several bank officials, public servants, private individuals and companies in related cases involving CSCL and Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST). The agency said it is committed to trace the proceeds of crime and bring to justice all those involved in the alleged fraud. (ANI)