Chandigarh EOW Intensifies Probe Into Major Financial Irregularities
The Economic Offences Wing (EOW) of the Chandigarh UT police has escalated its investigation into substantial financial discrepancies by registering a fresh First Information Report (FIR) concerning alleged irregularities in transactions valued at approximately ₹75 crore. This development follows a formal complaint lodged by the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), which has raised serious concerns about unauthorized banking activities.
Details of the CREST Complaint and FIR Registration
According to official statements, CREST authorities reported that although the organization had legitimately received the funds in question, significant discrepancies emerged during routine financial reconciliation processes. This discovery prompted CREST to demand a comprehensive and detailed investigation into the matter, leading to the filing of the FIR.
The police have confirmed that the FIR was formally registered under multiple sections of the Bharatiya Nyaya Sanhita (BNS), specifically Sections 316(5), 318(4), 336(3), 338, 340(2), and 61(2). The complaint was submitted by the CREST project director, acting on behalf of the Chief Executive Officer, and explicitly names several IDFC First Bank employees as accused parties.
The individuals named in the complaint include bank employees Abhay Kumar, Seema Dhiman, Ribhav Rishi, and others. They are alleged to have conducted unauthorized withdrawals and deposits from CREST accounts without proper authorization or documentation.
Scope of the Irregularities and Investigation
During the meticulous reconciliation of financial records with original bank statements, officials identified a staggering total of 303 unauthorized withdrawal and deposit entries. These irregular transactions have resulted in a principal shortfall exceeding ₹75 crore, highlighting the scale of the alleged financial misconduct.
Police authorities have indicated that the investigation is not limited to the named individuals. The role of additional bank officials is also under active scrutiny, suggesting that the probe may expand as more evidence comes to light. The EOW is employing forensic accounting techniques to trace the flow of funds and establish the complete chain of events.
Connection to Earlier Smart City Fraud Case
This new case adds a significant layer to an ongoing investigation into suspicious transactions detected in the accounts of Chandigarh Smart City Limited (CSCL). In that earlier matter, alleged fake Fixed Deposit Receipts (FDRs) worth ₹116.84 crore were discovered, along with additional financial mismatches totaling ₹8.22 crore during verification processes.
The CSCL project was officially closed in March 2025, with its assets and financial records subsequently transferred to the Municipal Corporation. During the consolidation of these records, the Municipal Commissioner made a startling discovery: the FDRs mentioned in the official documents did not actually exist within the bank's internal systems.
These fraudulent FDRs were allegedly issued in March and April 2025 by then IDFC First Bank Sector-32 branch manager Rishav Rishi. Rishi is currently in the custody of the Haryana Vigilance Bureau, and Chandigarh Police are preparing to seek a production warrant to facilitate his interrogation in connection with both cases.
Expanding Investigation and Additional Suspects
The Municipal Corporation's outsourced accountant, Anubhav Mishra—who was responsible for handling CSCL's financial paperwork—is also under intense scrutiny. Mishra is currently untraceable, and police teams have launched extensive search operations to locate him for questioning regarding his potential involvement in the irregularities.
Meanwhile, in a parallel development, the Haryana Anti-Corruption Bureau (ACB) is conducting its own investigation into suspicious transactions totaling ₹590 crore across various state departments. Chandigarh-based businessman and alleged middleman Vikram Wadhwa is believed to be the key conspirator in this separate but potentially related case.
Chandigarh Police suspect possible links between the accused individuals in both the CREST and CSCL cases and the larger Haryana ACB investigation. As part of this expanded probe, authorities have seized a Range Rover registered in Vikram Wadhwa's name, suggesting financial connections that warrant further examination.
The Economic Offences Wing continues to coordinate with multiple agencies as this complex financial investigation unfolds, with potential implications for banking regulations and corporate governance in the region.
