Chandigarh: In a fresh twist to a major banking fraud case, Chandigarh police have registered an FIR against a former IDFC First Bank manager for allegedly cheating a UK-based NRI woman of around Rs 2.5 crore.The case was registered at the Sector 17 police station on a complaint filed by 77-year-old Taranjit Kaur Bains, a resident of Greater London. The accused, identified as Ribhav Rishi, has been booked along with other senior bank officials under sections relating to cheating, criminal breach of trust, forgery and criminal conspiracy.According to the complaint, the victim came in contact with Rishi in 2020 during the sale of her house after being introduced to him through his father, a retired bank official. Rishi allegedly persuaded her to open an NRI account, assuring high returns, and later convinced her to invest large sums in bank schemes and IPOs.However, the complainant alleged that instead of legitimate investments, her money was diverted to private companies and third-party accounts without her consent. A portion of the funds was also allegedly transferred to the bank account of the accused’s wife.Trouble surfaced when the complainant attempted to transfer Rs 1 crore to the UK in early 2025, but the process was allegedly delayed repeatedly. The fraud came to light after reports of a large banking scam emerged in February 2026, prompting her to scrutinise her accounts. She subsequently discovered that her funds had been misappropriated and that a lien of Rs 2.5 crore had been marked on her account.Police said the matter is under investigation and efforts are underway to trace the money trail and determine the role of other officials involved.Rishi is also a key suspect in the Rs 590-crore IDFC First Bank scam. According to the Enforcement Directorate, the alleged fraud was carried out with the assistance of former bank employees, with proceeds of crime reportedly diverted to the accounts of Rishi and his wife. In the case, the Haryana government had suspended two IAS officers and later handed over the probe to the CBI. ED has claimed the scam involved multiple shell companies and bogus billing for gold purchases.Rishi is also an accused in the alleged Rs 83-crore cheating case linked to the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).
