Chandigarh Smart City Project CFO Arrested in Rs 116 Crore Fake FD Scam
The Economic Offences Wing (EOW) of Chandigarh Police has made a significant breakthrough in the Rs 116 crore fake fixed deposit receipt (FDR) scam linked to Chandigarh Municipal Corporation. Nalini Malik, the Chief Finance Officer (CFO) of Chandigarh Smart City project, has been arrested in connection with the scam.
Malik was taken into custody from her residence in Mohali, after she was reported missing since her name surfaced in the case. The EOW had been investigating the scam, which pertains to alleged embezzlement of government funds through the creation of fake FDRs worth Rs 116 crore linked to IDFC First Bank.
Key Players Involved
- Nalini Malik: Chief Finance Officer (CFO) of Chandigarh Smart City project, arrested in connection with the scam.
- Ribhav Rishi: Former branch manager of IDFC First Bank, allegedly created shell companies in collusion with Malik and Sukhvinder Singh.
- Sukhvinder Singh: Project director of CREST (Chandigarh Renewable Energy & Science and Technology Promotion Society), already arrested in the case.
- Sahil Kukkar: Accountant at CREST, also arrested in the case.
- Seema Dhiman: Former bank official, name included in the FIR.
The alleged scam was uncovered when MC officials requested IDFC First Bank to encash FDs worth Rs 116 crore, which was stated to be linked to funds transferred during closure of Chandigarh Smart City limited. During the investigation, ‘suspicious transactions' surfaced in bank statements, and the fixed deposit receipts that were shown in records did not exist in the bank's official records at all, say police.
Investigation and Future Action
The EOW has informed a court that Ribhav Rishi allegedly created shell companies in collusion with Malik and Sukhvinder Singh, through which fake investment documents were allegedly prepared and crores of rupees were embezzled. More arrests are likely, said an officer, as the investigation continues.