Chandigarh Smart City Scam: Rs 116 Crore Siphoned Off, Officials Arrested
The Chandigarh Police have filed a remand paper alleging a massive scam in the Chandigarh Smart City Limited (CSCL) where around Rs 116 crore was siphoned off.
Key Points of the Scam:
- Account Takeover: On March 28, 2025, a fresh account was opened in IDFC First Bank in the name of Municipal Corporation, Chandigarh, but only Rs 81.20 was found in it, while Rs 95.78 crore was supposed to be credited into it from CSCL.
- Fabricated FDRs: The police alleged that 11 false and fabricated Fixed Deposit Receipts (FDRs) amounting to Rs 116.84 crore were created in favour of the Municipal Commissioner, Chandigarh.
- Shell Companies: It was found that the accused persons had received more than Rs 50 crore in cash from the siphoned funds of CSCL and that approximately Rs 116 crore of CSCL and civic body funds have been siphoned off.
Investigation Updates:
According to the remand papers, during the interrogation of Nalini Malik, it was found that she, along with other officials of the MC, had received more than Rs 50 crore in cash from the siphoned funds of CSCL.
- Disclosure: Co-accused and former bank manager Rishav Rishi allegedly stated that he had created fake and forged FDRs amounting to around Rs 116 crore with the involvement of municipal officials.
- Shell Firms: Rishav Rishi further claimed that shell firms were created “with the connivance” of Malik and Narender Pal Sharma (chief executive manager of Smart City project) and Municipal Corporation officials.
- Missing Accountant: Anubhav Mishra, an outsourced accountant, who was handling key financial records during the transition of CSCL funds, has been missing since February 24 and has not been attending office, with his phone switched off.
Nalini Malik's Role:
Police have told the court that Nalini Malik was not only aware of the transactions but was allegedly a central figure in coordinating the financial movement during the closure of the Smart City project.
According to the police, Malik had also received a sum of Rs 2 lakh from a shell company named Swastik Desh Project in her YES Bank account.