Chandigarh, March 25 -- The recently arrested former employees of IDFC First Bank - Ribhav Rishi, Abhay Kumar and Seema Dhiman - revealed during custodial interrogation that funds were siphoned off through a network of shell firms and routed to multiple beneficiaries, including officials of Smart City Project and Chandigarh Renewal Energy, Science and Technology Promotion Society (CREST), police informed a local court.

During interrogation, the accused disclosed that they were working at IDFC First Bank, Sector 32, Chandigarh (2023-2025) and that CREST accounts were opened in connivance with certain officials. Large funds (approx Rs.75 crore) lying in CREST accounts were targeted, officials said.

According to the police, the accused, in...