Daijiworld Media Network - Chandigarh
Chandigarh, Jun 1: The Directorate of Enforcement (ED) has arrested real estate businessman Vikram Wadhwa in connection with an alleged Rs 645 crore bank fraud linked to IDFC FIRST Bank, marking a significant development in an ongoing money laundering investigation under the Prevention of Money Laundering Act (PMLA).
According to an official statement, Wadhwa was taken into custody on May 29 under Section 19 of the PMLA after investigators found evidence of his alleged role in the diversion and layering of public funds routed through multiple bank accounts.
The Enforcement Directorate stated that the case involves the alleged embezzlement of approximately Rs 645 crore from 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.
Officials alleged that Wadhwa acted in coordination with several individuals, including Ribhav Rishi, Abhay Kumar, certain bank officials, and government personnel to siphon and route funds through a network of shell entities.
Investigators claim that Wadhwa played a key role in generating, layering, and concealing proceeds of crime. He is alleged to have received more than Rs 70 crore directly into his personal accounts, along with additional unaccounted cash derived from the diverted funds.
The agency further alleged that the accused invested illicit proceeds into multiple businesses and immovable properties linked to him, expanding the suspected financial trail of the fraud.
Several intermediary shell companies, including M/s Capco Fintech Services, M/s Swastik Desh Projects, R.S. Traders, and M/s SRR Planning Gurus Pvt Ltd, were reportedly used to channel funds. These entities are alleged to have received direct transfers from government accounts before routing the money through multiple layers of transactions.
The ED also stated that a portion of the funds was allegedly transferred to jewellers, who in turn provided cash against banking transactions, enabling further concealment of the money trail.
Officials believe that the laundered cash was subsequently distributed among a network of individuals, including government officials and businessmen, as part of the wider alleged conspiracy.
Wadhwa was produced before a special PMLA court, which granted the Enforcement Directorate four days of custodial remand until June 2. Earlier, co-accused Ribhav Rishi and Abhay Kumar had also been arrested and are currently in judicial custody.
The ED said efforts are ongoing to trace the complete flow of funds, identify additional beneficiaries, and attach assets allegedly acquired using proceeds of crime. Further investigation in the case is continuing.