A significant banking fraud linked to IDFC First Bank has emerged in Chandigarh, involving an amount of ₹116.84 crore (approximately ₹117 crore). The shocking revelation is that the mastermind behind this scam is a manager from the bank itself.
The incident revolves around the transfer of funds from Chandigarh Smart City Limited (CSCL) to the Municipal Corporation of Chandigarh (MCC). A special account was opened at IDFC First Bank for this purpose. In exchange for the deposited funds, the bank manager issued fraudulent fixed deposit receipts (FDRs).
Upon verification by the municipal corporation, it was discovered that:
This scam is linked to the development funds for the Chandigarh Smart City project, which could impact the city's infrastructure initiatives.
Following a complaint from the Municipal Corporation of Chandigarh, the Chandigarh police have registered an FIR under the Indian Penal Code (IPC).
A case has been filed against the bank manager who issued the fraudulent receipts.
The investigation is ongoing, and further arrests may occur.
This incident follows a previous major fraud of ₹590 crore that was reported last month, which also involved the Chandigarh branch of IDFC First Bank and fraudulent activities concerning Haryana government accounts. In that case, the former branch manager, Ribhav Rishi, was identified as the mastermind, leading to multiple arrests.
IDFC First Bank has claimed to enforce strict measures against such incidents; however, repeated frauds associated with the Chandigarh branch have raised concerns about the bank's credibility. Customers are advised to always verify fixed deposit and transfer-related documents directly with the bank.
This scam serves as a stark reminder of how dangerous internal conspiracies can be within the banking system. Investigative agencies are now focused on tracing the money trail and identifying any other individuals involved.
