Chandigarh’s Economic Offences Wing (EOW) on Thursday arrested Nalini Malik, chief finance officer of the Chandigarh Smart City project, in connection with a ₹116 crore fake fixed deposit receipt (FDR) scam. Malik, who had been missing since her name surfaced in the case, was taken into custody from her Mohali residence.
The case involves alleged embezzlement of government funds through the creation of fake FDRs linked to IDFC First Bank. Investigations revealed that Ribhav Rishi, former branch manager at IDFC First Bank, colluded with Malik and Sukhvinder Singh, project director at CREST, to create shell companies and falsified investment documents.
If you enjoyed reading this article, you can help support our journalism by adding OHeraldo as a preferred source.
Police have already arrested Singh and accountant Sahil Kukkar. Suspicious transactions were discovered when municipal officials requested the bank to encash FDs of ₹116 crore, only to find that the receipts did not exist in official records. The FIR also names former bank official Seema Dhiman.
Authorities say Malik’s arrest is a major step forward in the probe, and more arrests are expected as evidence continues to emerge.
