Chandigarh Municipal Corporation flags Rs 116-crore security fraud; FIR filed

CHANDIGARH: (Mar 10) The Chandigarh Police on Monday registered a case on a complaint filed by Chandigarh municipal corporation which claimed that the fixed deposit receipts (FDRs) worth Rs 116.84 crore issued by a manager of a private bank were fake.

The civic body said that it detected the fraud while transferring funds from the Chandigarh Smart City Limited to it in a dedicated account in IDFC First bank.

"A complaint has been received from Municipal Corporation (MC), Chandigarh, that while transferring funds from the Chandigarh Smart City Limited to the MC, a dedicated account was opened in IDFC First Bank.