The 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. She was taken into custody from her residence in Mohali. Malik had been untraceable since her name surfaced in the case, which involves alleged misuse of government funds through forged FDRs linked to IDFC First Bank.
Fake Companies, Forged Documents Under Scanner
The case was registered after a complaint by the Chandigarh Municipal Corporation. Investigators told the court that former bank manager Ribhav Rishi allegedly worked with Malik and Sukhvinder Singh to set up shell companies.
Police say these entities were used to create fake investment papers, allowing large sums to be siphoned off. Rishi was posted at the bank’s Sector-32 branch between 2023 and 2025, when the municipal accounts were opened and the fake FDRs were generated.
The role of a relationship manager is also under scrutiny, and former bank official Seema Dhiman has been named in the FIR.
Scam Came To Light During Fund Withdrawal
The fraud surfaced when officials sought to encash FDs worth ₹116 crore linked to the closure of the Chandigarh Smart City project. The bank found no record of such deposits, raising red flags.
A closer look at account statements revealed suspicious transactions, confirming that the FDRs shown on paper did not exist. This led to a police complaint and a full-scale probe. Police have already arrested Sukhvinder Singh and accountant Sahil Kukkar. Malik’s arrest is being seen as a key breakthrough, with officials indicating that more arrests could follow.
