IDFC Bank scam: 3 ex-employees remanded in Rs 200-crore fraud case

A local court has granted a 7-day remand of three accused in the IDFC First Bank fraud case involving over Rs 200 crore, related to the accounts of Chandigarh Municipal Corporation and Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).

The Chandigarh Police brought the three accused, Ribhav Rishi, Abhay Kumar, and Seema Dhiman, to the Chandigarh court from Ambala Jail on a production warrant for interrogation. These former IDFC Bank employees are alleged to have siphoned off the amount.

The Haryana Vigilance and Anti-Corruption Bureau had earlier arrested 11 perons in the case, including the three accused, whose names figured in the FIRs registered by the Chandigarh Police.

The probe began on February 24 after a Rs 590-crore scam came to light in Haryana with the arrest of Ribhav Rishi and Abhay Kumar. Two cases have been registered against the accused by Economic Offences Wing of the Chandigarh Police in the IDFC First Bank fraud, based on complaints filed by officials of Chandigarh Municipal Corporation and CREST.

The complaints alleged a scam of over Rs 116 crore in the accounts and suspicious transactions of Rs 75 crore. Seeking a 10-day remand, the Chandigarh Police told the court that the accused would be confronted with businessman Vikram Wadhwa, who is already in police remand in the FIR registered on the complaint of CREST officials.

The police want to probe the money trail of the cheated amounts and claimed that Wadhwa has admitted to investing crores of government-deposited money in IDFC Bank in real estate projects. Wadhwa allegedly opened bank accounts at IDFC First Bank, Sector 22, Chandigarh, on Rishi’s advice, who later became the manager at IDFC First Bank, Sector 32 branch.

Pawan Kumar Dogra, advocate for IDFC First Bank, supported the prosecution’s prayer for a 10-day remand.