Resolution

After creating the new ODBC connection, open the Crystal Report application and the report.

Click on Database in the top menu.
Click on Set DataSource Location.
In the bottom panel that says Replace With: Expand Create New Connection Folder
Expand ODBC(RDO) folder.
In the popup window, Click once on the new ODBC connection
Click Next
Check off the Trusted Connection check box and click finish.

We have to update each table/view(top panel) to point to the view/table in the new connection(bottom panel) we just created.

Refresh the report and now the report fetches data using the new ODBC connection. Click Save under File menu to save changes.

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