Chandigarh, March 23 -- The UT police have constituted an eight-member Special Investigation Team (SIT) to probe the alleged multi-crore diversion of government funds linked to IDFC First Bank. Chandigarh Police had registered an FIR following a complaint from the municipal corporation (MC), after detecting suspected financial irregularities involving fixed deposits worth about Rs.116.84 crore linked to the bank accounts of Chandigarh Smart City Limited (CSCL). Police said the SIT had been tasked with conducting a comprehensive investigation into the siphoning of funds from accounts of government departments in Chandigarh and Haryana. The team will examine banking transactions, identify the role of accused persons and trace the end use of the diverted money, including investments in real estate and other assets. Police said they will seek custodial remand of former bank employees allegedly involved in the case on Monday to further the investigation. The accused include former employees of IDFC First Bank, who are suspected to have played a key role in facilitating the diversion of funds through multiple shell companies and layered transactions. The scam was carried out over the past year with the alleged involvement of former bank employees, including Ribhav Rishi and Abhay Kumar. Rishi, who resigned from IDFC First Bank in June 2025, allegedly used multiple shell firms to siphon off government funds, some of which were also transferred to accounts linked to him and his wife, Divya Arora. Investigators are focusing on uncovering the complete money trail, including transactions routed through private firms and accounts linked to the accused and their associates. Officials said the SIT will also coordinate with financial experts and forensic teams to analyse bank statements and digital evidence seized during the probe....