IDFC first bank scam: main accused vikram wadhwa arrested, range rover also recovered

Chandigarh (The Uttam Hindu): In connection with the alleged ₹590-crore scam involving accounts of various Haryana government departments and financial irregularities worth around ₹190 crore linked to the Chandigarh Municipal Corporation and the Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST), the Chandigarh Police Crime Branch has arrested the alleged mastermind, Chandigarh-based businessman Vikram Wadhwa. He was apprehended from Kharar on Saturday.

According to police, Wadhwa had been evading investigating agencies for a long time. Acting on surveillance of his movements, a police team led by Crime Branch Inspector Satvinder Singh arrested him from a hideout in Kharar. Investigations revealed that the scam surfaced through two separate financial irregularities linked to accounts of the Chandigarh Municipal Corporation and CREST maintained with IDFC First Bank.

The first irregularity came to light at the beginning of 2026 when funds of the Chandigarh Smart City Limited project were being transferred to the municipal corporation after the project was closed. During verification, authorities discovered that fixed deposit receipts (FDRs) worth about ₹116.84 crore mentioned in records were not present in the bank’s system. It was found that around 11 FDRs had allegedly been fabricated and submitted as proof of investment.

During the same period, discrepancies were also found in CREST accounts. While reconciling financial records, officials detected 303 unauthorized deposit and withdrawal entries, revealing a shortfall of nearly ₹75 crore. A case was subsequently registered against bank employees Rishav Rishi and Abhay Kumar along with others.

Investigating agencies allege that Vikram Wadhwa played a key role in diverting government funds through shell companies, jewellers and other business entities. Preliminary findings indicate that a company named Swastik Desh Projects Private Limited was used to transfer large sums of money. The funds were then routed through multiple accounts and allegedly sent to jewellers through fake invoices to create the appearance of gold purchases. Agencies estimate that around ₹100 crore was transferred to jewellery businesses.

The investigation further revealed that a large portion of the scam money eventually reached bank accounts linked to Wadhwa. The funds were later invested in his real estate companies—Prizma Residency LLP, Kinspire Realty LLP and Martel Buildwell LLP—in an attempt to conceal the illegal earnings.

The Enforcement Directorate is also investigating the case under the Prevention of Money Laundering Act, 2002. The agency has conducted raids at 19 locations across Chandigarh, Mohali, Panchkula, Gurugram and Bengaluru. The probe has uncovered a network of shell companies and business establishments allegedly used to move the funds.

According to the ED, the fraud was carried out over the past year with the alleged involvement of former bank employees Rishav Rishi and Abhay Kumar. Rishi had resigned from IDFC First Bank in June 2025.

Police said that more than 2,400 financial transactions linked to various businesses, jewellers and vendors have been identified so far during the investigation. Earlier, investigators had also recovered a Range Rover vehicle registered in Wadhwa’s name from the Kansal area.

Originally from Malout in Punjab, Vikram Wadhwa moved to Chandigarh in the 1990s. In the early years, he worked as a caretaker at a relative’s guest house earning about ₹1,500 per month. Later, he entered the real estate business and gradually built substantial wealth.

It is reported that he owns residential properties in Chandigarh’s Sector 33, 21 and 36, along with a farmhouse in New Chandigarh. Police officials said Wadhwa will be produced before a court and the investigation is continuing to identify the entire financial network and other beneficiaries involved in the case.