87 fraudulent transactions, Rs 340 crore siphoned from Chandigarh civic funds; ex-bank manager named ‘mastermind’ in CBI chargesheet

The case stems from a complaint by the Municipal Commissioner alleging financial irregularities, forged fixed deposits, fabricated banking records and unauthorised diversion of public funds.

How the fraud allegedly worked

The CBI alleged that bank officials and public servants conspired to siphon off CSCL and MCC funds using forged debit vouchers, fabricated banking approvals and unauthorised transactions processed through the bank’s Maker-Checker system without valid authorisation.

To conceal the fraud, forged debit notes, fake Fixed Deposit Receipts (FDRs), fabricated account statements, false call confirmation letters and other forged banking records were allegedly created and circulated.

The agency said 11 fake FDRs worth Rs 116.84 crore were shown in MCC records as investments of CSCL funds. Verification with IDFC FIRST Bank allegedly revealed that no such deposits existed.

The diverted funds were allegedly routed through entities including CAPCO Fintech Services, SRR Planning Gurus Pvt Ltd and R.S. Traders before being layered through multiple bank accounts and converted into cash and assets. The CBI said the investigation into the complete money trail and ultimate beneficiaries is continuing.

Rishi ‘mastermind’, says CBI

The chargesheet describes former branch manager Ribhav Rishi as the “principal architect and mastermind” of the conspiracy.

The agency alleged that he authorised fraudulent debit transactions using forged documents, approved transactions despite fake signatures, created and circulated forged banking records, and recorded false call confirmations unsupported by evidence.

The CBI further alleged that Rishi controlled shell entities, including CAPCO Fintech Services, SRR Planning Gurus Pvt Ltd and R.S. Traders, which were used to receive and layer diverted funds. Money routed through these firms allegedly reached accounts of Rishi and his family and was used for personal expenses and acquisition of assets.

The agency also alleged that Rishi extended financial benefits to co-accused Nalini Malik to facilitate and conceal the fraud.

Businessman received diverted funds

The CBI alleged that businessman Vikram Wadhwa was a major beneficiary of the diverted funds. According to the chargesheet, Rs 21.58 crore was transferred from CAPCO Fintech Services to Wadhwa’s IDFC FIRST Bank account, while he allegedly received about Rs 74.37 crore through entities used for layering the funds.

The agency also alleged that cash worth Rs 4.57 crore was delivered to him between December 2025 and February 2026 and that the proceeds were invested in properties in Chandigarh and New Chandigarh.

Role of other accused

Senior Relationship Manager Abhay Kumar allegedly assisted Rishi in executing and concealing the fraud by preparing and circulating forged FDRs, fabricated account statements and other fake banking documents.

Banker Authoriser Seema Dhiman allegedly approved fraudulent transactions despite forged signatures and invalid documents and participated in preparing forged approval records.

Former CSCL CFO Nalini Malik allegedly remained in regular contact with Rishi. The CBI cited call records, financial transactions, WhatsApp chats and visitor logs, and alleged that renovation work worth about Rs 45 lakh was carried out at her residence at Rishi’s instance without evidence of payment.

Customer Service Executives Priyanka Bhatoa and Anuj Kaushal, who functioned as “makers” in the bank’s Core Banking System, allegedly processed fraudulent debit transactions and facilitated transfers to beneficiary entities despite procedural violations and forged documentation.