Economic Offences Wing Arrests Chandigarh Smart City CFO in ₹116 Crore Fake FDR Scam
The Economic Offences Wing (EOW) has made a major breakthrough in the ₹116 crore fake fixed deposit receipt (FDR) scam in Chandigarh, with the arrest of Nalini Malik, the city's Smart City project chief finance officer.
- Malik was taken into custody from her residence in Mohali on Thursday.
- The scam involves alleged misuse of government funds through forged FDRs linked to IDFC First Bank.
The case was registered after a complaint by the Chandigarh Municipal Corporation, which alleged that former bank manager Ribhav Rishi and Sukhvinder Singh set up shell companies to create fake investment papers.
An investigation by the EOW revealed that Rishi, who was posted at the bank's Sector-32 branch from 2023 to 2025, allegedly worked with Malik and Singh to generate fake FDRs.
- The EOW is also scrutinizing the role of a relationship manager, who has been named in the FIR as Seema Dhiman.
The scam came to light during a fund withdrawal related to the closure of the Chandigarh Smart City project, when officials sought to encash FDs worth ₹116 crore.
A closer look at account statements revealed suspicious transactions, confirming that the FDRs shown on paper did not exist.
The EOW has already arrested Sukhvinder Singh and accountant Sahil Kukkar, and Malik's arrest is seen as a key breakthrough in the investigation.
Officials indicate that more arrests could follow in the wake of Malik's arrest.
Key Developments in the Case:- EOW arrests Nalini Malik, chief finance officer of the Chandigarh Smart City project.
- The scam allegedly involves misuse of government funds through forged FDRs linked to IDFC First Bank.
- Malik was taken into custody from her residence in Mohali on Thursday.