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₹116-cr ‘ghost’ FDs surface in Chandigarh Smart City Ltd bank accounts, FIR lodged
Chandigarh MC’s attempt to encash fixed deposits of the now wound-up company reveals fraud; police book firm’s accountant, former branch manager of IDFC First Bank
Police have registered an FIR after the Chandigarh Municipal Corporation detected suspected financial irregularities involving fixed deposits worth about ₹116.84 crore and additional suspicious transactions of ₹8.22 crore linked to bank accounts of the now-defunct Chandigarh Smart City Limited (CSCL).
The case was registered by the economic offences wing after MC commissioner Amit Kumar wrote a confidential “most urgent” letter to the senior superintendent of police on March 5, flagging suspected financial transactions and mismanagement in CSCL accounts maintained at IDFC First Bank’s Sector 32 branch.
The discrepancies came to light when MC began reviewing its investments in IDFC First Bank and AU Small Finance Bank following reports of alleged financial mismanagement involving Haryana government funds in these two institutions. After the Haryana government de-empanelled the two banks, MC approached the institutions seeking withdrawal or transfer of funds invested by the corporation.
According to the communication, CSCL formally closed in March 2025 and all its assets, records and financial matters were subsequently transferred to MC. During its operations, CSCL maintained multiple bank accounts at IDFC First Bank for project-related transactions.
As part of closing the company and consolidating its finances, a dedicated bank account was opened in IDFC First Bank to pool all funds held by CSCL in different accounts.
Following the developments in Haryana, MC officials approached the bank seeking encashment of fixed deposit receipts (FDRs) amounting to ₹108.73 crore and transfer of the entire balance, along with accrued interest, to the corporation’s Punjab National Bank account.
But upon scrutiny, officials discovered that fixed deposits amounting to ₹116.84 crore, shown in records handed over to the corporation during the closure of CSCL, did not appear in the bank’s system. The FDRs had allegedly been issued by Rishav Rishi, the then branch manager of IDFC First Bank’s Sector 32 branch, during March and April 2025.
Further scrutiny of bank statements obtained directly from the bank on February 24 this year revealed three payment entries amounting to ₹8.22 crore to private agencies that did not match any payments recorded in the MC accounts.
The corporation also found major discrepancies between bank statements handed over during the closure of CSCL in March-April 2025 and the original statements obtained from the bank, with several debit and credit entries appearing to be fabricated.
The matter was discussed on February 25 with the regional head and cluster head of IDFC First Bank, who informed MC officials that the bank statement dated April 22, 2025, and the FDRs worth ₹116.84 crore appeared fake and fraudulent.
Accountant goes missing
Officials said Anubhav Mishra, an outsourced accountant, had been actively handling financial records and bank documents related to CSCL. However, Mishra has not reported to work since February 24 without explanation and his mobile phone has remained switched off since that day.
In his letter to the police, the MC commissioner said there was a strong possibility of the accountant’s involvement in the suspected transactions in connivance with bank officials of the Sector 32 branch. The possible involvement of officials associated with CSCL can also not be ruled out.
The letter calls for a thorough examination of the role of all individuals connected with the transactions, including bank officials and other persons involved in handling the accounts and records.
Acting on the complaint, the Chandigarh Police have registered a case under relevant provisions of the Bharatiya Nyaya Sanhita against accountant Anubhav Mishra, former branch manager Rishav Rishi and others, and launched an investigation.
