Chandigarh Police Files FIR Against Former IDFC First Bank Manager in Major NRI Fraud Case
In a significant development in a high-profile banking fraud investigation, Chandigarh police have officially registered a First Information Report (FIR) against a former manager of IDFC First Bank. The individual stands accused of orchestrating a sophisticated cheating scheme that allegedly defrauded a UK-based Non-Resident Indian (NRI) woman of approximately Rs 2.5 crore.
Details of the Complaint and Accused
The case was formally lodged at the Sector 17 police station in Chandigarh based on a detailed complaint submitted by 77-year-old Taranjit Kaur Bains, a resident of Greater London, United Kingdom. The primary accused has been identified as Ribhav Rishi, a former bank manager, who has been charged alongside other senior bank officials.
The FIR includes serious sections of the Indian Penal Code related to cheating, criminal breach of trust, forgery, and criminal conspiracy, highlighting the gravity of the allegations. According to the police complaint, the victim first came into contact with Rishi in 2020 during the sale of her residential property. The introduction was facilitated by Rishi's father, who is a retired bank official, adding a layer of trust to the initial interactions.
Modus Operandi of the Alleged Fraud
Rishi allegedly persuaded the complainant to open an NRI account with promises of high returns on investments. Over time, he convinced her to invest substantial sums of money into various bank schemes and Initial Public Offerings (IPOs). However, the complaint reveals a disturbing deviation from legitimate financial practices.
Instead of channeling the funds into the promised investments, the money was illegally diverted to private companies and third-party accounts without the victim's knowledge or consent. A portion of the misappropriated funds was also reportedly transferred to the bank account of the accused's wife, further complicating the financial trail.
Discovery of the Fraud and Ongoing Investigation
The fraudulent activities came to light when the complainant attempted to transfer Rs 1 crore to the United Kingdom in early 2025, but faced repeated and unexplained delays in the process. The situation escalated following reports of a large-scale banking scam that emerged in February 2026, prompting the victim to conduct a thorough scrutiny of her financial accounts.
Upon investigation, she discovered that her funds had been systematically misappropriated. Additionally, a lien of Rs 2.5 crore had been marked on her account, effectively freezing a significant portion of her assets. Chandigarh police have confirmed that the matter is under active investigation, with efforts focused on tracing the complex money trail and determining the precise roles of all involved officials.
Broader Connections to Larger Financial Scams
Ribhav Rishi is not a newcomer to financial fraud allegations. He is also a key suspect in the massive Rs 590-crore IDFC First Bank scam, which has drawn attention from national investigative agencies. According to the Enforcement Directorate (ED), this larger fraud was executed with the assistance of former bank employees, with illicit proceeds allegedly funneled into the accounts of Rishi and his spouse.
In connection with this broader case, the Haryana government had previously suspended two Indian Administrative Service (IAS) officers, later transferring the probe to the Central Bureau of Investigation (CBI). The ED has asserted that the scam involved a network of multiple shell companies and fabricated billing for gold purchases, indicating a highly organized criminal operation.
Furthermore, Rishi is also implicated in an alleged Rs 83-crore cheating case linked to the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), showcasing a pattern of involvement in significant financial misconduct across different sectors.
This case underscores ongoing challenges in the banking sector and highlights the vulnerabilities faced by NRIs in complex investment schemes. Authorities continue to pursue all leads to ensure accountability and justice in this multi-crore fraud investigation.
