Rs 75-crore fraud in CREST accounts linked to IDFC bank reported, former manager among several booked
According to the reports, former manager Ribhav Rishi of IDFC First Bank’s Sector-32 branch carried out the fraud with the help of some bank employees and private individuals.
PTC News Desk: Days after a fake fixed deposit case worth Rs 116.84 crore in the Municipal Corporation in Chandigarh came to the fore, another financial fraud pertaining to irregularities of Rs 75 crore have been reported in the accounts of the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).
According to the reports, former manager Ribhav Rishi of IDFC First Bank’s Sector-32 branch carried out the fraud with the help of some bank employees and private individuals. Following a complaint by CREST, the Chandigarh Police registered an FIR in the case on Thursday and launched investigation.
Police have filed a case against former bank manager Ribhav Rishi, former bank employee Seema Dhiman, Abhay Kumar and some unidentified bank employees. Reports say Ribhav Rishi is currently lodged in a jail in Haryana.
According to the police, the accused carried out 303 transactions through which about ₹75,16,04,293 was manipulated from the CREST account. The money was withdrawn and deposited multiple times through these transactions, which helped hide the irregularities for a long period.
CREST is an organisation that promotes solar energy projects. It installs solar panels on the rooftops of government buildings, hospitals and government housing. It also provides subsidies to residents who install solar plants on their homes.
Preliminary investigations suggest that the ₹75.16 crore irregularity is linked to funds meant for these subsidy programmes. Police suspect that an employee from CREST may also be involved in the fraud, though this will only be confirmed after questioning the accused.