Rs 116 crore Chandigarh MC scam: Police probe money trail, get IDFC Bank records

The Chandigarh Police have received the entire transaction record from IDFC First Bank related to the alleged Rs 116 crore scam in the Chandigarh Municipal Corporation (MC). Sources said the police have now started probing the money trail.

The voluminous records received from the bank revealed that many transactions were made during the period when the scam took place. Police have begun examining amounts transferred to various firms.

Police are also probing three payment entries dated April 11, 2025, and September 1, 2025, amounting to Rs 8.22 crore.

The Municipal Corporation, in its complaint to the police, raised suspicions over these transactions. The MC stated that scrutiny of the bank statement received on February 24, 2026, revealed that these entries have no corresponding reflection in MCC records regarding payments to the concerned agencies, and therefore appear suspicious and require detailed investigation. These three entries have been described as dubious.

According to the complaint, the payments were made to two firms. After a similar scam surfaced in Haryana, MCC officials approached IDFC First Bank, Sector 32 Chandigarh, requesting encashment of FDRs totaling over Rs 116 crore, which had been prepared from amounts shifted during the closure of Chandigarh Smart City Limited (CSCL).

CSCL was closed in March 2025, and its assets, records, and financial matters were transferred to the Municipal Corporation Chandigarh. CSCL had maintained multiple bank accounts in IDFC First Bank for its operational transactions.

The bank informed the civic body last month that the FDRs were not appearing in the IDFC system and were reportedly fake. These FDRs were allegedly issued by Rishab Rishi, the then Bank Manager of IDFC First Bank, Sector 32 Branch, Chandigarh, during March-April 2025.

An internal inquiry also revealed that Anubhav Mishra, who was working as an outsourced accountant, was the custodian of the FDRs. Police are searching for Mishra, who has been missing from duty since the scam surfaced.

Meanwhile, the police are planning to bring Rishab Rishi on a production warrant for interrogation in connection with the case.