IDFC First Bank Fraud: Three accused bankers paid crores to top Chandigarh Smart City, CREST officials, police inform court

The police have claimed before a Chandigarh court that Ribhav Rishi, Abhay Kumar and Seema Dhiman, the IDFC First Bank officials arrested in two fraud cases, paid crores to officials of Smart City Project and Chandigarh Renewable Energy Science & Technology Promotion Society (CREST). Three shell firms were opened to siphon off MC and CREST funds.

The police claimed that Ribhav Rishi created the shell firms with the connivance of Nalini Malik, Chief Accounts Officer, Smart City Project, Narender Pal Sharma, Chief Executive Manager of Smart City Project and MC official, and Sukhwinder Singh, Project Director, CREST.

The police made the claims while seeking remand of the three bank officials in two FIRs registered on the complaints of MC and CREST officers. The police told the court that during the course of interrogation, Ribhav Rishi disclosed that while he was working as the branch manager of the Sector 32 branch of IDFC First Bank from 2023-25, he opened the MC accounts and with the connivance of civic body officials created fake/forged FDRs to the tune of Rs 116 crore. He also created three shell firms — CAPCO Fintech in the name of Bhupinder Singh and Sapna, the wife of Hemraj, who worked as driver of Ribhav Rishi and Bhupinder Singh; RS Traders in the name of Hemraj; and Swastik Desh Project in the name of Swati Singla, wife of accused Abhay Kumar, and her brother.

Abhay Kumar was a relationship manager in the Sector 32 branch and was also involved in the fraud/crime, the police said. The scammed amount was invested in real estate business with the help of co-accused Vikram Wadhwa.

The police said Ribhav transferred/paid crores to Nalini Malik, Narender Pal Sharma, MC officials and Sukhwinder Singh and his family members through the accounts of the shell firms, other accounts and also in cash.

The police claimed that the custodial interrogation of Ribhav Rishi was required to recover the bank computer system on which the forged FDRs were created, verify the role of bank employees and MC officials, arrest other co-accused, know the modus operandi and conduct his cross-examination with Vikram Wadhwa.

The police further claimed that the bank accounts of CREST were also opened in the Sector 32 branch by the accused with the connivance of society officials. The funds to the tune of Rs 75 crore were lying in these bank accounts.

The bank statement of CREST, the accused persons and several firms involved in the crime were being examined to ascertain the trail of money and identify the places, securities and properties where the siphoned amount was invested/kept, the police said, adding that the custodial interrogation of Ribhav Rishi, Abhay Kumar and Seema Dhiman was thus utmost necessary in the CREST case too.

Deepanshu Bansal, appearing for Ribahav Rishi, opposed the police remand while saying that it was not necessary and the police had no evidence against the accused. Production warrant could not be used to arrest any person, his arrest was illegal, he added.

Advocate Pawan Kumar Dogra, who appeared for the IDFC First Bank, supported the prosecution’s prayer for a 10-day police remand of the accused. The court has sent the three accused to seven-day police custody.

It may be mentioned that the Chandigarh Police had brought them from the Ambala Jail on a production warrant for interrogation in two IDFC First Bank fraud cases.