Sources say prime accused Ribhav Rishi funded decor work at Nalini Malik’s Taj Tower apartment in Mohali
The Central Bureau of Investigation (CBI) has unearthed a secret, undisclosed bank account of Chandigarh Smart City Limited (CSCL) — never reflected in any official handover record — in which Nalini Malik, the arrested former Chief Financial Officer (CFO) of CSCL, is the authorised signatory, with her personal mobile number and personal email ID registered with the account for transaction alerts and banking communication.
Sources privy to the ongoing investigation said the CBI has also found that Ribhav Rishi — the prime accused and former IDFC First Bank branch manager at the centre of the two biggest bank frauds in Chandigarh's history — had arranged and paid for the interior designing work at Malik’s flat at Taj Tower, Sector 104, Mohali.
The designer, engaged by Rishi, remained in touch with Malik over WhatsApp chats and mobile calls regarding the execution of the work. However, the payment was never made to the designer by Malik directly, sources said.
Chandigarh Special CBI Judge Bhawna Jain has on Monday remanded Malik to CBI police custody till May 28 for custodial interrogation to confront her with documentary, digital and oral evidence already collected, trace the money trail, identify beneficiaries and effect recovery of relevant records and assets.
The secret account
The hidden bank account — opened in the name of CSCL with IDFC First Bank — is central to the CBI’s fresh evidence against Malik. When CSCL was wound up in March 2025, its entire record was transferred to the Municipal Corporation, Chandigarh (MCC).
However, scrutiny of bank statements by the CBI has revealed that this particular account was never reflected in the handing over and taking over record transferred from CSCL to MCC — a deliberate omission, investigators believe.
The CBI has found substantial incriminating material against Malik, revealing her active involvement in opening and operating undisclosed bank accounts of CSCL, facilitation of unauthorised transfer and diversion of huge public funds to shell entities of the criminal nexus, and receipt of pecuniary benefits and cash consideration from them, sources said.
Flat done up by fraud mastermind
The interior design angle adds a significant dimension to the CBI’s case against Malik. Investigators found that the interior work at her Mohali flat was carried out at the instance of Rishi — already lodged in judicial custody as the prime accused in both the Rs 117-crore CSCL-MCC scam and the Rs 83-crore CREST fraud. The designer maintained regular contact with Malik over WhatsApp and phone calls, but the payment was routed through Rishi’s side and never made directly by Malik, sources said.
Nalini alleges torture; court unmoved
Opposing the CBI’s custody application, Malik’s counsel alleged she had been maltreated by the earlier SIT, slapped by a lady police constable during her first remand from April 2 to 6, 2026, and had remained admitted in the Psychiatric Department of GMCH, Sector 48, Chandigarh due to the trauma.
The counsel further argued that her subsequent application before the court seeking to assist the investigating agency was filed in a disoriented mental and physical state — without the knowledge of her husband or lawyer — and urged that if custody was granted, she be interrogated only in the presence of her husband and advocate.
The court rejected both the allegations and the demand. Special Judge Bhawna Jain noted that no complaint of physical, mental or emotional trauma had been made on Malik’s behalf in the order dated April 6, 2026, passed by the Chief Judicial Magistrate, Chandigarh.
On the disorientation plea, the court observed that Malik had been promptly answering the court’s queries and did not appear disoriented from any angle.
The court declined the demand for husband’s presence during interrogation but directed CBI DSP Prashant Yadav to allow Malik’s advocate, Rakesh Chopra, to meet her for half an hour daily — from 5 pm to 5.30 pm — during the remand period, within the sight of a CBI officer, for legal consultation only, without interference in questioning.
The twin frauds
The new disclosures come in the backdrop of the two most brazen financial frauds in Chandigarh's history, both executed at the same IDFC First Bank branch, Sector 32, by the same core group of accused using the same modus operandi.
The Rs 117-crore CSCL-MCC fraud (FIR No. 02, March 9, 2026) involved a hidden bank account secretly opened in August 2024, forged bank statements and 11 fictitious fixed deposits of Rs 116.84 crore with fabricated FDR numbers — exposed only after MCC attempted to encash them in February 2026. Malik, as CSCL’s CFO, was the key person responsible for the financial handover to MCC when CSCL was wound up.
The Rs 83-crore CREST fraud (FIR No. 03, March 12, 2026) involved approximately 300 unauthorised transactions, with bank statements systematically forged over months to conceal a principal shortfall of Rs 75.16 crore and interest loss of Rs 7.88 crore. Stolen funds were converted into jewellery, bullion, cash and real estate.
Chandigarh Police had arrested 14 persons in both cases, including Rishi, bank officials Abhay Kumar and Seema Dhiman, Malik, CREST Project Director Sukhwinder Abrol, and a network of shell company operators and real estate agents.
The CBI has since registered a fresh FIR and taken over the probe — ordered by the Centre on April 27 on the recommendation of Punjab Governor and Chandigarh Administrator Gulab Chand Kataria — and has made two fresh arrests: HPGCL Director (Finance) Amit Dewan and businessman Vikram Wadhwa, besides taking Malik in custody through court.
Former CSCL Chief General Manager and MC retired Chief Engineer NP Sharma remains under the scanner without arrest. A special CAG audit and full account reconciliation are ongoing.