Chandigarh, April 11 -- The disclosure statements of the 10 accused arrested so far in the Rs.116.84-crore fake fixed deposit receipt (FDR) scam, involving the Chandigarh municipal corporation (MC) and IDFC First Bank has revealed that bank officials, civic staff, auditors and multiple private players had all worked in collusion to siphon off the funds meant for public welfare.

Those arrested include Ribhav Rishi, the former branch manager of IDFC First Bank, Sector 32, Abhay Kumar, the bank's relationship manager, Seema Dhiman, bank authoriser, Nalini Malik, former chief finance officer (CFO) of Chandigarh Smart City Ltd, Vikram Wadhwa, realtor and alleged conduit for routing funds into real estate, and Sukhwinder Singh Abrol, the proje...