Chandigarh: The Central Bureau of Investigation (CBI) has filed a chargesheet against seven individuals in connection with the alleged ₹340-crore Chandigarh civic funds fraud involving the accounts of Chandigarh Smart City Limited (CSCL) and the Municipal Corporation Chandigarh (MCC). The agency has described former bank branch manager Ribhav Rishi as the “principal architect and mastermind” of the alleged conspiracy.
According to the CBI, nearly ₹340 crore was allegedly siphoned off through 87 fraudulent debit transactions carried out between September 19, 2024, and September 1, 2025, from CSCL and MCC accounts maintained at the Sector-32 branch of IDFC FIRST Bank.
Those named in the chargesheet include former branch manager Ribhav Rishi, Senior Relationship Manager Abhay Kumar, Banker Authoriser Seema Dhiman, Customer Service Executives Priyanka Bhatoa and Anuj Kaushal, former CSCL Chief Financial Officer Nalini Malik, and businessman Vikram Wadhwa.
The case originated from a complaint filed by the Municipal Commissioner alleging financial irregularities, forged fixed deposits, fabricated banking records, and the unauthorised diversion of public funds.
The CBI alleged that the accused conspired to siphon off government funds by using forged debit vouchers, fabricated banking approvals, and unauthorised transactions processed through the bank’s Maker-Checker system without valid authorisation. To conceal the alleged fraud, forged debit notes, fake Fixed Deposit Receipts (FDRs), fabricated bank statements, false call confirmation letters, and other forged banking documents were allegedly created and circulated.
According to the chargesheet, 11 fake FDRs worth ₹116.84 crore were shown in Municipal Corporation records as investments made by CSCL. However, verification with the bank allegedly confirmed that no such fixed deposits existed.
The investigation further alleges that the diverted funds were routed through entities including CAPCO Fintech Services, SRR Planning Gurus Pvt. Ltd., and R.S. Traders before being layered through multiple bank accounts and converted into cash and assets. The agency said the investigation into the complete money trail and the ultimate beneficiaries is still underway.
The CBI alleged that Ribhav Rishi authorised fraudulent debit transactions using forged documents, approved payments despite fake signatures, and played a central role in creating and circulating forged banking records. The agency further claimed that a portion of the diverted funds reached accounts linked to Rishi and his family through the alleged shell entities and was used for personal expenses and the acquisition of assets.
Businessman Vikram Wadhwa has also been identified by the CBI as a major beneficiary of the allegedly diverted funds. According to the chargesheet, he received ₹21.58 crore from CAPCO Fintech Services, while approximately ₹74.37 crore was allegedly routed to entities under his control. The agency also alleged that he received ₹4.57 crore in cash between December 2025 and February 2026, which was allegedly invested in properties in Chandigarh and New Chandigarh.
The CBI has further alleged that the remaining accused, including bank officials and the former CSCL Chief Financial Officer, played roles in preparing forged documents, approving unauthorised transactions, and facilitating the execution and concealment of the alleged fraud. The agency said the investigation is continuing to identify the complete flow of funds and any additional beneficiaries linked to the case.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
