Chandigarh Businessman Arrested in Rs 645 Crore IDFC First Bank Fraud Case
The Directorate of Enforcement (ED) has arrested real estate businessman Vikram Wadhwa in connection with its ongoing investigation into the alleged Rs 645 crore IDFC First Bank fraud case.
Key Accused in the Case
- Vikram Wadhwa: A real estate businessman arrested under the provisions of the PMLA
- Ribhav Rishi: Allegedly connived with others to siphon off government funds
- Abhay Kumar: Involved in the fraud case
- Bank officials and government officials: Accused of complicity in the crime
Investigation Details
The ED's investigation has revealed that Wadhwa played a significant role in the generation, layering, and concealment of the proceeds of crime. He allegedly received more than Rs 70 crore of the diverted funds in his personal bank account.
Embezzlement of Public Funds
- Approximately Rs 645 crore embezzled from bank accounts belonging to the Haryana government, Chandigarh Union Territory Administration, and two private schools
- Funds diverted to shell entities, including M/s Capco Fintech Services, M/s Swastik Desh Projects, R.S. Traders, and M/s SRR Planning Gurus Pvt Ltd
- Investments made in several entities linked to Wadhwa using the illegally obtained funds
- Multiple immovable properties acquired using the proceeds of crime
Investigation Ongoing
The ED is working to trace the complete money trail, identify all beneficiaries, and locate assets allegedly acquired using the proceeds of crime.
Arrest and Remand
Wadhwa was arrested on May 29 and produced before the Special PMLA Court, which granted the ED four days of custodial remand till June 2.
Previous Arrests
The ED had earlier arrested Ribhav Rishi and Abhay Kumar on May 11, who were later sent to judicial custody.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor