Central Bureau of Investigation Files First Chargesheet in CSCL Fund Diversion Case
The Central Bureau of Investigation (CBI) has filed its first chargesheet in connection with the alleged diversion of Chandigarh Smart City Limited (CSCL) funds from IDFC First Bank’s Sector 32 branch.
Accused Individuals Named in Chargesheet
- Nalini Malik, Chief Financial Officer (CFO) of CSCL
- Vikram Wadhwa, businessman
- Ribhav Rishi, former IDFC official
- Abhay Kumar, former IDFC official
- Seema Dhiman, former IDFC official
- Two unnamed bank officials
The chargesheet, running over 200 pages, was filed before the Special CBI court in Chandigarh. According to an official of the agency, seven accused persons, including five bank officials, one CSCL official, and one private person, have been chargesheeted in this case.
Chargesheet Details
- Criminal conspiracy
- Criminal breach of trust
- Forgery
- Cheating
- Offences under the Prevention of Corruption Act
The CBI official further stated that more chargesheets are likely to be filed soon.
Background of the Case
The case relates to the alleged misappropriation of funds belonging to CSCL that were deposited with IDFC First Bank. According to investigators, the money was allegedly siphoned from government-linked accounts through unauthorized debit transactions and the withdrawals were concealed through forged fixed deposit receipts (FDRs).
Investigation Triggers and Timeline
- The fraud came to light when CSCL was being wound up and its funds were being transferred to the municipal corporation (MC).
- During the process, officials sought to encash FDRs worth over ₹116 crore that had allegedly been created from Smart City funds.
- Questions arose after the bank informed civic authorities that the FDRs presented for encashment did not exist in its records and were not reflected in the banking system.
- The investigation was triggered by a similar fund diversion case involving Haryana government departments and the Panchkula MC.
Part of Larger ₹657-Crore Scam
The Chandigarh case is one component of a wider investigation into the alleged diversion of public funds from accounts maintained at the same bank branch. According to the CBI, the Haryana arm of the fraud resulted in an alleged loss of ₹504 crore, while the Chandigarh arm caused an alleged loss of ₹153 crore.
Money Trail Leads to Firms and Builders
The CBI claimed that investigators traced the movement of funds through several entities, which eventually reached businessman and hotelier Wadhwa and was invested in real-estate ventures.
Properties Across Tricity Under Scanner
Sources said the chargesheet contains transaction records, digital evidence, and details of properties allegedly acquired using the diverted funds. Investigators have documented investments in residential and commercial projects located in Chandigarh, Mohali, Kharar, and other areas of the Tricity region.