Chandigarh ex-CFO Nalini Malik arrested over alleged 116.84cr scam
India
Big news from Chandigarh: Nalini Malik, the former CFO of Chandigarh Smart City Ltd., has been arrested for her alleged role in a massive ₹116.84 crore scam.
Police say she worked with others to divert city funds into fake accounts after the company merged with the municipal corporation last year.
Malik accused of forging 11 FDRs
Malik is accused of forging 11 fixed deposit receipts and moving nearly ₹95.78 crore into shell companies, with help from a former bank manager at IDFC First Bank.
The investigation is still on, as police try to track down more people involved and recover the missing money.
This case has sparked serious questions about how city finances are managed.