3 hrs ago
CBI Traces Luxury Spending in Rs 657-Crore Fraud
Investigators are looking into a suspected fraud involving Rs 657 crore in government money.
The CBI says former bank official Ribhav Rishi was an alleged key person in the scheme.
A woman dancer told investigators that he paid her Rs 56 lakh over several months.
She also said he helped buy her a house in Delhi costing nearly Rs 4 crore.
She described stays in expensive hotels and trips to several countries.
She said the pair stayed at the Burj Al Arab in Dubai.
She also told investigators that Rishi booked a Toyota Land Cruiser during one Dubai trip.
The CBI is checking whether this spending came from the allegedly diverted public funds.
Former IDFC First Bank official Ribhav Rishi was described by the CBI as the alleged mastermind of the suspected Rs 657-crore fraud.
A woman dancer told investigators that Rishi paid her Rs 56 lakh between August 2025 and January 2026 after asking her to stop dancing.
She said Rishi financed most of a nearly Rs 4-crore house acquired for her in Dwarka, Delhi.
The woman described luxury hotel stays, foreign trips and an alleged Toyota Land Cruiser booking during visits to Dubai, Macao and Thailand.
The CBI is examining payments, properties, travel and other spending as part of its investigation into allegedly siphoned government funds.
- Who
- The CBI is investigating former IDFC First Bank official Ribhav Rishi and a woman dancer who has emerged as a witness.
- What
- An investigation is examining an alleged Rs 657-crore fraud involving the suspected siphoning of Haryana and Chandigarh government funds, alongside luxury spending.
- Where
- The alleged spending and travel involved Delhi, Chandigarh, Goa, Macao, Thailand and Dubai; the suspected funds belonged to Haryana government departments and Chandigarh Administration entities.
- When
- The woman said she received payments between August 2025 and January 2026; the CBI investigation is ongoing.
- Why
- The CBI is examining whether payments, property purchases, travel and other expenses were connected to money allegedly routed through shell companies.
Key facts
- Alleged fraud value
- Rs 657 crore
- CBI description of Ribhav Rishi
- The alleged principal architect and mastermind of the conspiracy
- Payments to woman
- Rs 56 lakh between August 2025 and January 2026
- Property
- A nearly Rs 4-crore house in Dwarka, Delhi
- Reported cash property payment
- Rs 3.10 crore, with another Rs 90 lakh payable
- Travel destinations
- Macao, Thailand and Dubai, along with stays in Chandigarh, Delhi and Goa
- Luxury vehicle
- A Toyota Land Cruiser allegedly booked during a Dubai visit
Sources
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