NRI from London Accuses IDFC Bank Manager of Embezzling Rs 1 Crore in Chandigarh Scam
In a shocking development, a 77-year-old non-resident Indian (NRI) from Greater London, United Kingdom, has filed a formal complaint against Ribhav Rishi, a manager at IDFC First Bank, accusing him of embezzling Rs 1 crore from her bank account. This case is intricately linked to a broader Rs 116-crore scam associated with the Chandigarh municipal corporation, for which Rishi has already been arrested.
Details of the Complaint and Background
The complainant, Taranjit Kaur Bains, lodged her grievance at the SSP public window in Chandigarh. According to her statement, her family owns a property in Sector 21-A, Chandigarh, and she traveled to the city with her husband in 2020 to facilitate its sale. During this process, they were introduced to the father of the accused, Ribhav Rishi, which led to their subsequent interactions with the bank manager.
Bains alleged that on Rishi's representations, she and her husband opened NRI accounts at the IDFC First Bank branch in Sector 22-B. Rishi reportedly convinced them that the bank offered attractive returns even on savings account balances, persuading them to maintain substantial funds in these accounts. The couple was in India during March-April 2020 but had to depart prematurely due to the Covid-19 pandemic, returning only briefly in 2023 and otherwise remaining abroad.
Alleged Fraudulent Activities and False Assurances
From 2023 to 2024, Ribhav Rishi, along with other bank officials, maintained regular contact with the Bains family. They purportedly promoted various investment plans and IPO-related opportunities, claiming these could yield very high returns. The officials allegedly assured the couple that funds would be transferred internally from their accounts without requiring additional documentation or formalities.
Trusting these assurances, Bains permitted the officials to manage her funds, with repeated promises that the investments were bank-backed and fully secure. In January-February 2025, she instructed Rishi to transfer Rs 1 crore from her NRI account to her UK account and close all investments by March 2025. Rishi initially guaranteed this would be completed by February 28.
Discovery of Embezzlement and Unauthorized Transfers
However, Bains claimed that Rishi continued to provide false assurances until May 2025. It was only later that she uncovered the embezzlement: her money had been illicitly transferred to the account of Divya Arora, Rishi's wife, and to entities such as Capco Fintech Services, with some amounts rerouted through other companies in a complex scheme.
Adding to her distress, Bains received emails from the bank regarding liens and account freezes connected to a complaint filed on the National Cyber Crime Reporting Portal. These communications indicated unauthorized diversion of her funds, further corroborating her allegations of financial misconduct.
This case highlights significant vulnerabilities in banking security and the exploitation of NRI clients, underscoring the need for stricter oversight and accountability in financial institutions to prevent such fraudulent activities.
