Chandigarh: CBI court adjourns Ribhav Rishi case to Sept 16, keeps seven accused in judicial custody

Special Judge Bhawna Jain ordered that accused Ribhav Rishi, Abhay Kumar, Seema Dhiman, Abhishek Singla, Swati Singla, Ankur Sharma, Sukhwinder Singh Abrol, Sahil Kukkar and Vikram Wadhwa be kept in judicial custody till the next date and produced through video conferencing

The special CBI court in Chandigarh on Saturday adjourned proceedings in the case against Ribhav Rishi and others to September 16 for scrutiny of the challan and awaiting mandatory sanctions against several accused.

The case relates to the alleged misappropriation of funds belonging to CSCL that were deposited with IDFC First Bank. (HT File)

Special Judge Bhawna Jain ordered that accused Ribhav Rishi, Abhay Kumar, Seema Dhiman, Abhishek Singla, Swati Singla, Ankur Sharma, Sukhwinder Singh Abrol, Sahil Kukkar and Vikram Wadhwa be kept in judicial custody till the next date and produced through video conferencing.

The case relates to the alleged misappropriation of funds belonging to CSCL that were deposited with IDFC First Bank. According to investigators, the money was allegedly siphoned from government linked accounts through unauthorised debit transactions and the withdrawals were concealed through forged fixed deposit receipts (FDRs), giving the impression that the funds remained invested with the bank.

Rishi and Ankur Sharma, who are currently on three day police remand in a separate FIR registered at Sector 5 police station, Panchkula, were produced before the court through video conferencing from police post Sector 10, Panchkula. The court was informed that the two had been sent on police remand by the chief judicial magistrate, Panchkula, on August 27.

The court recorded that sanctions in respect of accused Rishi and four others, including Sukhwinder Singh Abrol and Sahil Kukkar, had not yet been received. The matter was accordingly fixed for September 16 for scrutiny of the challan and awaiting the sanctions.

The court also issued a bailable warrant of ₹10,000 against the in-charge of the economic offences wing (EOW), Sector 17, Chandigarh, after the official failed to appear despite notice having been duly served. The direction was issued in connection with an application seeking release of a vehicle bearing registration number CH-01-CD-7288.

The EOW later filed its reply to the vehicle-release application. The court took the reply on record and directed the concerned official to appear in court well in time on the next date.

Separately, an application filed by Mohinder Singh, who is neither an accused nor a party to the case, seeking permission to inspect the case file was registered as an interlocutory application. The prosecution has been given time to file its reply, if any, on the next date.

The fraud came to light when CSCL was being wound up and its funds were being transferred to the municipal corporation (MC). During the process, officials sought to encash FDRs worth over ₹116 crore that had allegedly been created from Smart City funds. Questions arose after the bank informed civic authorities that the FDRs presented for encashment did not exist in its records and were not reflected in the banking system. Investigators allege the FDRs had been issued during March and April 2025 by Rishi, who was then the branch manager.