ED Arrests Real Estate Tycoon Vikram Wadhwa in ₹645 Crore IDFC Bank Fraud Case
The Enforcement Directorate (ED), Chandigarh Zonal Office, has made a significant arrest in the ongoing investigation of the IDFC First Bank fraud case. Real estate businessman Vikram Wadhwa was arrested on May 29 and subsequently produced before a Special Court under the Prevention of Money Laundering Act (PMLA). The court remanded him to ED custody for four days.
Earlier in the case, the ED had arrested Ribhav Rishi and Abhay Kumar, both of whom have been sent to judicial custody. The investigation has revealed a massive embezzlement of public funds amounting to ₹645 crore from bank accounts belonging to the Haryana Government, the Chandigarh Union Territory Administration, and two private schools based in Chandigarh and Panchkula, all maintained with IDFC First Bank.
Vikram Wadhwa is one of the key accused in the case. He is alleged to have conspired with Ribhav Rishi, Abhay Kumar, bank officials, and government officials to siphon off government funds. According to the ED, Wadhwa played a significant role in the generation, layering, and concealment of proceeds of crime. Investigators claim that he received more than ₹70 crore in his personal bank account, in addition to substantial amounts of cash allegedly generated from the embezzled funds.
The ED further alleges that Wadhwa invested these proceeds of crime in various entities linked to him and purchased multiple immovable properties using the diverted funds. The investigation has revealed that several intermediary shell entities, including M/s Capco Fintech Services, M/s Swastik Desh Projects, R.S. Traders, and M/s SRR Planning Gurus Pvt. Ltd., received embezzled funds directly from the accounts of various government departments.
The diverted funds were subsequently layered through multiple bank accounts belonging to the accused and their associated entities. Hundreds of crores of rupees were transferred from these shell entities to various jewellers, who allegedly provided cash in exchange for the banking transactions. Ribhav Rishi and his associates then distributed the cash among various government officials and businessmen, including Vikram Wadhwa.
The ED is continuing its efforts to trace the complete money trail, identify additional beneficiaries, and locate properties acquired using the alleged proceeds of crime. The investigation into this complex fraud case is ongoing, and the ED remains committed to bringing all those involved to justice.
This arrest marks a significant step in the fight against financial crime and highlights the importance of stringent regulatory measures to prevent such large-scale embezzlements. The case also underscores the need for greater transparency and accountability in both the public and private sectors.
