The money is connected to the accounts of Chandigarh Smart City Limited (CSCL), which is no longer in operation. These accounts were kept at IDFC First Bank's Sector-32 branch.Amit Kumar, Commissioner of the Municipal Corporation (MC), Chandigarh, reported unusual financial activities and potential fraud involving a significant sum of public funds, according to the FIR.
Based on the complaint, the EOW filed a case under a number of Bharatiya Nyaya Sanhita (BNS) sections, including criminal conspiracy, criminal breach of trust, fraudulent use of counterfeit papers, cheating, and forgery.According to police records, the alleged offense occurred over an extended period of time between March 28, 2025, and March 7, 2026.
Financial transactions made through the IDFC First Bank branch in Sector-32 were connected to the suspected fraudulent activity. Anubhav Mishra, a resident of Adarsh Nagar in Naya Gaon, Mohali, is named as one of the suspects in the FIR. Ribhav Rishi is another individual included in the complaint. The potential involvement of other associates is also being looked into by the police.
The case is being handled as a major economic offense, according to police sources. Investigators are looking into the involvement of other people and any financial ties to the scheme.The investigating team will meticulously review financial papers, digital transaction trails, and bank records, according to a police officer.
The goal is to determine how the money was misappropriated and whether insider assistance, account manipulation, or falsified documents were used in the scam. The accused and other relevant parties may soon be called in for interrogation by the EOW, which has begun gathering evidence. In order to monitor the flow of the money, police are also working with bank representatives and financial specialists.
More information is anticipated to surface during the probe, according to officials. Depending on the results, more charges and accused individuals may be added. Saurabh Joshi, the mayor of Chandigarh, has taken media claims regarding the purported ₹116.84 crore "ghost" fixed deposits very seriously. He has requested a thorough Action Taken Report (ATR) from the Municipal Commissioner and ordered an immediate investigation.
Every rupee of public funds belongs to the people of Chandigarh, the mayor declared in a statement released on Tuesday, and any financial irregularity will not be accepted. According to reports, during March and April of 2025, fixed deposits totaling around ₹116.84 crore were not recorded in the official bank records. This sparked questions about accountability and financial oversight.
Mayor Joshi expressed worry about the matter and stated that Chandigarh is renowned for its clean administration and transparent governance. According to him, any issue involving that much public money ought to be looked into as quickly and transparently as possible. Additionally, he mentioned that the EOW has initiated an inquiry and filed a FIR.
Officials were instructed by the mayor to fully assist the investigating agencies.Joshi has requested that the Municipal Commissioner name the officials and personnel in charge of overseeing and administering CSCL's bank accounts during the pertinent time frame. Additionally, he has suggested a thorough forensic examination of every financial transaction made by CSCL since its founding. An impartial third-party auditing firm should carry out the audit.
The Municipal Commissioner has been asked to submit a detailed report within five working days. The report should include the status of the financial discrepancies and the progress of the ongoing investigation.
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