Chandigarh's ₹116.84 Crore Fake Fixed Deposit Scam Uncovered
Chandigarh:Month on, 10 in custody reveal how bank, MC officials ‘acted in collusion’
Hindustan Times
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A major scam involving ₹116.84 crore in fake fixed deposit receipts has been uncovered in Chandigarh, implicating officials from the municipal corporation and IDFC First Bank. Ten individuals, including bank managers and civic staff, are in custody for their roles in the fraudulent scheme that siphoned public funds intended for welfare.
- 01Ten individuals arrested in connection with a ₹116.84 crore scam involving fake fixed deposit receipts.
- 02The scheme involved collusion between bank officials, municipal staff, and private entities.
- 03Former IDFC First Bank branch manager Ribhav Rishi played a central role in orchestrating the fraud.
- 04The investigation revealed that 11 forged FDRs created an illusion of public funds being secured.
- 05Nalini Malik, former CFO of Chandigarh Smart City Ltd, is accused of receiving over ₹50 crore from the siphoned funds.
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A significant fraud scheme has been exposed in Chandigarh, involving ₹116.84 crore in fake fixed deposit receipts linked to the municipal corporation (MC) and IDFC First Bank. Ten individuals, including Ribhav Rishi, the former branch manager of IDFC First Bank, and other bank officials, have been arrested for their roles in the scam. The investigation revealed that Rishi, along with a network of civic staff and private players, colluded to divert funds intended for public welfare into real estate investments through shell companies. The scam came to light when MC officials attempted to encash FDRs that were later found to be non-existent in the bank's records. Only ₹81.2 crore remained in the account that was supposed to hold nearly ₹95.78 crore. The police have also arrested Nalini Malik, former CFO of Chandigarh Smart City Ltd, who allegedly received over ₹50 crore from the diverted funds. The investigation continues as authorities work to uncover the full extent of the fraud and the individuals involved.
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This scam has serious implications for public trust in financial institutions and local governance, as it highlights systemic corruption and mismanagement of public funds.
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