Ribhav Rishi, former branch manager of IDFC First Bank’s Sector 32 branch in Chandigarh and one of the accused in two FIRs registered in alleged scams involving over Rs 116 crore of Chandigarh Smart City funds and Rs 83 crore belonging to the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), has filed a bail application before the CBI court.The court has issued notice to the CBI, directing it to file its reply to the application by September 10.The first FIR against Rishi and other bank officers was registered on the complaint of the Municipal Corporation Commissioner, who reported that fake FDRs worth over Rs 116 crore and mismanagement of various bank accounts of Chandigarh Smart City Limited and the Municipal Corporation, Chandigarh, had allegedly taken place at the IDFC First Bank branch in Sector 32, Chandigarh.He alleged that the FDRs worth over Rs 116 crore were not appearing in the IDFC First Bank system and were stated to be fake. These FDRs were reportedly issued by Ribhav Rishi, the then branch manager of IDFC First Bank, Sector 32, Chandigarh, during March-April 2025, while MC accountant Anubhav Mishra was the custodian of the FDRs.The second FIR in the case was initially registered by the Chandigarh Police on March 12, 2026, in connection with a large-scale fraud involving fraudulent banking operations and fictitious transactions allegedly carried out to divert government funds belonging to CREST to shell entities in connivance with bank officials and public servants.The charge sheet has been filed against Ribhav Rishi, Abhay Kumar, Seema Dhiman, Priyanka Bhatoa, Anuj Kaushal, Swati Singla, Ankur Sharma, Sukhwinder Singh Abrol, Project Manager, CREST, Sahil Kukkar, Accountant, CREST, and others, including representatives of various companies.The CBI claimed in the charge sheet that accused Ribhav Rishi, along with other accused bank employees, processed, checked and authorised various fraudulent debit transactions despite the absence of genuine supporting instructions and banking records. The funds diverted from CREST accounts were allegedly transferred to such entities through fraudulent banking transactions.Counsel for the accused claimed that Rishi had been falsely implicated in the case. The court has issued notice to the CBI to file its reply by September 10.Ribhav Rishi is also an accused in a case related to the alleged fraudulent withdrawal and diversion of Haryana government funds amounting to around Rs 550 crore.