IDFC First Bank Mastermind Ribhav Rishi tried to flee abroad. CBI court has refused to grant bail to Ribhav Rishi, the mastermind of the fraud of about Rs 200 crore from the government accounts of Chandigarh Smart City Limited and Municipal Corporation linked to IDFC First Bank.
The bank has also opposed the bail application of Ribhav, stating that he could flee abroad if granted bail. During the investigation, the CBI recovered a temporary resident ID card from the United Arab Emirates (UAE) issued to him as an investor.
This card is valid from January 27, 2026, to January 26, 2028. On this basis, the bank requested the dismissal of his bail application. The court took these arguments seriously and rejected the bail application.
According to the CBI’s case, the scam involved unauthorized transactions totaling approximately ₹339.89 crore from government accounts. Of this, approximately ₹287.27 crore was repatriated, while a loss of approximately ₹77.91 crore was incurred.
The court said that the investigation is still underway and if the accused, once out on bail, could influence the investigation.
CBI public prosecutor Narendra Singh also opposed the bail application, arguing that the accused committed a fraud worth crores of rupees through several shell companies.
He created these shell companies in the names of his acquaintances and family members. Transactions worth crores of rupees were made through these shell companies. Large sums of money were also deposited into the accused’s personal accounts.
