Chandigarh Bank Fraud Unveiled: Rs 116.84 Crore in Fake Fixed Deposits

The Chandigarh Police have launched an investigation after the Municipal Corporation of Chandigarh filed a complaint over fake fixed deposit receipts worth Rs 116.84 crore issued by a private bank manager. The fraud was discovered during fund transfers related to Chandigarh Smart City Limited. A previous Rs 590-crore fraud case linked to IDFC First Bank is also under scrutiny.

The Chandigarh Police have initiated a probing inquiry after the Municipal Corporation of Chandigarh reported a startling fraud involving fake fixed deposit receipts worth Rs 116.84 crore, all allegedly issued by a manager from a private banking institution.

The discovery of these counterfeit financial documents occurred during the transfer of funds designed for the Chandigarh Smart City Limited project. Specific involvement of bank and municipal employees is currently under examination by the authorities.

This recent case echoes a larger, earlier disclosure of a Rs 590-crore fraud within the IDFC First Bank, involving alleged malfeasance in Haryana government accounts in Chandigarh, indicating a pattern of financial mismanagement.

(With inputs from agencies.)