After Rs.590 crore fraud in Haryana Government Accounts maintained in IDFC First Bank, now another fraud of Rs.116.84 crore has been reported in IDFC First Bank.
The Economic Offences Wing (EOW) of Chandigarh Police registered an FIR on Monday after the discovery of “ghost” fixed deposits and financial irregularities worth ₹116.84 crore. The funds are linked to the accounts of the now-defunct Chandigarh Smart City Limited (CSCL). These accounts were maintained at the Sector-32 branch of IDFC First Bank.
According to the FIR, Amit Kumar, Commissioner of the Municipal Corporation (MC), Chandigarh, filed a complaint about suspicious financial transactions and possible fraud involving a large amount of public money.
Based on the complaint, the EOW registered a case under several sections of the Bharatiya Nyaya Sanhita (BNS), including cheating, forgery, fraudulent use of forged documents, criminal conspiracy, and criminal breach of trust.
Police records show that the alleged offence took place over a long period between March 28, 2025, and March 7, 2026. The suspected fraudulent activities were linked to financial transactions carried out through the IDFC First Bank branch in Sector-32.
The FIR names Anubhav Mishra, a resident of Adarsh Nagar in Naya Gaon, Mohali, as one of the accused. Another person named in the complaint is Ribhav Rishi. Police are also investigating the possible involvement of other associates.
Police sources said that the case is being treated as a serious economic offence. Investigators are examining the role of additional individuals and possible financial links connected to the fraud.
A police officer said the investigation team will closely examine bank records, digital transaction trails, and financial documents. The aim is to find out how the funds were diverted and whether the fraud involved forged documents, manipulation of accounts, or help from insiders.
The EOW has started collecting evidence and may soon call the accused and other related persons for questioning. Police are also coordinating with bank officials and financial experts to track the movement of the funds.
Officials said more details are expected to come out during the investigation. Additional charges and accused persons may also be added depending on the findings.
Meanwhile, Chandigarh Mayor Saurabh Joshi has taken serious note of media reports about the alleged “ghost” fixed deposits worth ₹116.84 crore. He has ordered an immediate inquiry and asked for a detailed Action Taken Report (ATR) from the Municipal Commissioner.
In a statement issued on Tuesday, the Mayor said that every rupee of public money belongs to the citizens of Chandigarh, and any financial irregularity will not be tolerated.
Reports suggested that fixed deposits worth about ₹116.84 crore were not reflected in the official bank records during March–April 2025. This raised concerns about financial monitoring and accountability.
Expressing concern over the issue, Mayor Joshi said Chandigarh is known for transparent governance and clean administration. He said any matter involving such a large amount of public funds must be investigated with full transparency and urgency.
He also noted that the EOW has already registered an FIR and started an investigation. The Mayor directed officials to fully cooperate with the investigating agencies.
Joshi has asked the Municipal Commissioner to identify the officers and officials who were responsible for managing and supervising CSCL’s bank accounts during the relevant period.
He has also recommended a comprehensive forensic audit of all financial transactions of CSCL since its formation. The audit should be conducted by an independent third-party auditing agency.
The Municipal Commissioner has been asked to submit a detailed report within five working days. The report should include the status of the financial discrepancies and the progress of the ongoing investigation.
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