Chandigarh: The investigation into the high-profile financial fraud linked to IDFC First Bank has gathered momentum, with a local court remanding three former bank employees—Ribhav Rishi, Abhay Kumar, and Seema Dhiman—to seven days of custody. The case, involving an alleged fraud of around ₹200 crore, has prompted authorities to intensify efforts to trace the money trail and uncover how funds were siphoned off from government accounts.
The case revolves around accounts maintained by the Chandigarh Municipal Corporation and the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), where large-scale irregularities have been detected. Preliminary findings indicate discrepancies exceeding ₹116 crore, along with suspicious transactions worth nearly ₹75 crore. The matter has taken a more serious turn after links surfaced connecting it to a broader ₹590 crore scam that recently came to light in Haryana.
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According to investigators, the fraud began unfolding in February following the arrest of Ribhav Rishi and Abhay Kumar, which led to several crucial revelations. It is alleged that internal banking systems and processes were manipulated to systematically divert funds deposited in government accounts. The involvement of former bank employees has raised serious concerns about internal lapses and misuse of access within the banking framework.
During the court proceedings, the investigating team sought a 10-day remand, arguing that the accused needed to be confronted with other suspects and questioned in detail to piece together the financial network. However, the court granted a seven-day remand for now. During this period, investigators are expected to examine transaction patterns, identify beneficiary accounts, and map the movement of funds across multiple channels.
The probe has also brought another key figure, Vikram Wadhwa, into focus. Already in custody, Wadhwa is alleged to have admitted to investing large sums of government funds into real estate projects. Sources indicate that he played a significant role in opening bank accounts at IDFC Bank and structuring investment strategies, reportedly acting on the advice of Ribhav Rishi. Rishi later rose to a managerial position at one of the bank’s branches, which allegedly gave him greater access to internal systems.
Investigators believe that the scam may not be limited to a few individuals but could involve a wider network spanning banking operations, private investments, and external collaborators. As a result, the focus has shifted from individual culpability to examining the broader ecosystem that may have enabled such large-scale financial irregularities.
Earlier, as many as 11 individuals were arrested by a Haryana-based investigative agency in connection with the case, including the three accused now in remand. With separate cases registered in Chandigarh, authorities are re-examining their roles to establish links between the investigations in both states and to ensure a coordinated probe.
Financial experts note that such scams highlight systemic vulnerabilities within the banking sector, particularly when it comes to monitoring transactions involving government institutions. Large-scale irregularities in such accounts not only lead to substantial financial losses but also erode public trust in financial systems and governance mechanisms.
The investigation is ongoing, and more revelations are expected in the coming days. For the authorities, the key challenge lies in unraveling the complex financial web and ensuring that all those responsible—directly or indirectly—are held accountable under the law.
