Chandigarh: Investigations into the financial scandal involving Chandigarh Smart City Project and Chandigarh Renewable Energy and Science and Technology Promotion Society (Crest) have revealed names of a few officials, who, police said, colluded with bank officials to embezzle money amounting to crores. They allegedly diverted money worth crores through shell companies and forged financial instruments.According to the Economic Offences Wing (EOW), the accused allegedly used multiple shell firms to siphon funds from accounts belonging to the MC and Crest. Investigators have also uncovered fake fixed deposit receipts (FDRs), indicating extensive manipulation of financial records to show inflated balances.Among the key officials named in the probe are chief accounts officer Nalini Malik, chief executive manager Narendra Pal Sharma, and Crest project director Sukhwinder Singh. Significantly, Singh had previously been a complainant in a separate alleged scam of around Rs 75 crore within Crest. Authorities are now examining his role in the present case as well.Investigation revealed that a bank official, Ribhav Rishi, allegedly played a central role in forming shell firms — Capco Fintech, RS Traders, and Swastik Desh Projects. These companies were reportedly created to divert funds from govt accounts into various private accounts, thereby concealing the trail of transactions. Officials said accounts of these firms were opened in the names of the accused and their associates. Funds amounting to several crores were allegedly transferred to Malik, Sharma, Singh, and their relatives, with some transactions reportedly carried out in cash.Investigators found that between 2023 and 2025, fake FDRs worth around Rs 116 crore were generated while Rishi was posted at a private bank branch in Sector 32. These fraudulent FDRs were used to reflect inflated balances in the system before the money was routed through the shell companies.Another accused, Abhay Kumar, who worked as a relationship manager in the same branch, is also under investigation. The role of additional bank officials, including Seema Dhiman, is being scrutinised.Preliminary findings suggest that part of the embezzled funds was invested in real estate with the help of co-accused Vikram Wadhwa. Investigators are examining property documents, investment trails, and financial records to track the movement of illicit money.Authorities are also attempting to recover the computer system allegedly used to generate the fake FDRs. Digital evidence — such as transaction records, emails, and banking data — is expected to play a crucial role in establishing the full scope of the scam.The EOW has intensified its investigation, focusing on financial transactions, company records, and involvement of all named individuals. Officials anticipate further arrests and disclosures as the probe deepens.
