The Enforcement Directorate’s Chandigarh Zonal Office has apprehended Vikram Wadhwa, a real estate entrepreneur, under the Prevention of Money Laundering Act (PMLA) concerning the ongoing probe into the alleged Rs 645 crore IDFC First Bank fraud. Wadhwa was taken into custody on May 29 under Section 19 of the PMLA. The investigation has unveiled the purported misappropriation of around Rs 645 crore from accounts linked to the Haryana government, the Chandigarh Union Territory Administration, and two private schools maintained with IDFC First Bank.
Wadhwa, identified as a key suspect, allegedly collaborated with Ribhav Rishi, Abhay Kumar, certain bank officials, and government personnel to divert public funds. He is accused of actively participating in the concealment and transfer of illicit funds, reportedly receiving over Rs 70 crore in his personal bank account along with substantial cash amounts from the embezzled sum. The ED disclosed that Wadhwa reinvested the illicit gains in various entities associated with him and acquired multiple properties using the unlawfully obtained money.
The inquiry has exposed several intermediary shell companies, such as M/s Capco Fintech Services, M/s Swastik Desh Projects, R.S. Traders, and M/s SRR Planning Gurus Pvt Ltd, which allegedly directly received embezzled funds from government accounts. These funds were then funneled through multiple bank accounts controlled by the accused and their affiliates in an effort to disguise their origin. Investigators also found that significant sums were transferred from these shell entities to jewelers in exchange for cash, which was subsequently distributed among government officials and businessmen, including Vikram Wadhwa.
Following his apprehension, Wadhwa was presented before the Special PMLA Court, which granted the ED a four-day custodial remand until June 2. Earlier, Ribhav Rishi and Abhay Kumar were arrested in the same case on May 11 and subsequently transitioned to judicial custody after 11 days of ED detention. The investigation remains ongoing to trace the complete money trail, identify all beneficiaries, and locate assets allegedly procured using the illicit proceeds.
