The Financial Offences Wing (EOW) of Chandigarh Police has achieved its first main success in IDFC First Financial institution fraud instances registered on the complaints of Chandigarh Municipal Company and Chandigarh Renewable Power and Science & Expertise Promotion Society (CREST).
The police have arrested businessman Vikram Wadhwa within the instances registered on the criticism of Municipal Company and CREST for a fraud of over Rs 200 crore.
The accused was produced earlier than the courtroom and despatched to a five-day police remand after the police sought a seven-day remand, stating that the accused must be interrogated for the restoration of paperwork and properties linked to the rip-off.
Associated information: IDFC First Financial institution fraud: Businessman Wadhwa invested fraud funds in actual property initiatives
The Municipal Company, within the criticism filed earlier than the police, suspected encashment of FDRs over Rs 116 crore which have been ready from the quantity shifted on the time of closure of Chandigarh Good Metropolis Restricted (CSCL).
CREST had additionally filed a criticism for investigation concerning suspicious transaction for an quantity of over Rs 75 crore.
Wadhwa‘s identify additionally figured within the rip-off of over Rs 590 crore that got here to mild in Haryana.
The Haryana Police have been additionally on a lookout for him.
With the arrest, the police expect to uncover particulars of the rip-off that rocked each Chandigarh and Haryana.
Wadhwa’s arrest was made a day after the Chandigarh Police obtained the nod of the courtroom for bringing three different accused on the manufacturing warrant. A neighborhood courtroom allowed a plea of Chandigarh Police for bringing three accused Ribhav Rishi, Abhay Kumar and Seema Dhiman to Chandigarh from the Ambala jail on manufacturing.
After comparable rip-off got here to mild in Haryana within the IDFC First Financial institution, MCC officers approached IDFC First Financial institution, Sector-32, Chandigarh, requesting encashment of FDRs over Rs 116 crore which have been ready from the quantity shifted on the time of closure of Chandigarh Good Metropolis Restricted (CSCL).
The CSCL was closed in March 2025 and the belongings, data and monetary issues have been transferred to the Municipal Company, Chandigarh. The CSCL had maintained a number of financial institution accounts in IDFC First Financial institution for its operational transactions. The financial institution knowledgeable the civic physique final month that the FDRs weren’t showing within the IDFC financial institution system and have been acknowledged to be pretend.
These FDRs have been reportedly issued by Rishab Rishi, the then Financial institution Supervisor of IDFC First Financial institution, Sector-32 Department, Chandigarh, throughout March/April 2025. The interior inquiry additionally revealed that Anubhav Mishra, who was working as accountant on an outsourced foundation, was the custodian of the FDRs. He has additionally been lacking for a very long time.
Sources mentioned that Wadhwa was near financial institution staff allegedly concerned within the case. Sources within the MC mentioned that with the arrest, the police would be capable to confirm the cash path. The police suspect that the entire rip-off quantity diverted to varied corporations a number of occasions and Wadhwa has performed a serious position in it.
The quantity is diverted to many builders, jewellers, and different people. Police suspect that Wadhwa performed a serious position in diverting the cash. The Enforcement Directorate (ED) had additionally carried out searches at properties belonging to Wadhwa just lately.
