ED Arrests Realtor Vikram Wadhwa in ₹645 Crore IDFC Bank Fraud Case
June 1, 2026
Ikramudin / Chandigarh
The Directorate of Enforcement (ED), Chandigarh Zonal Office, has arrested real estate businessman Vikram Wadhwa in connection with an alleged ₹645 crore fraud involving IDFC Bank accounts linked to government departments and private schools in Chandigarh and Panchkula. The arrest was made on May 29 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to the ED, the investigation has revealed the embezzlement of public funds amounting to approximately ₹645 crore from bank accounts belonging to the Haryana Government, the Chandigarh Administration, and two private schools that were maintained with IDFC First Bank. The agency alleged that Wadhwa acted in connivance with key accused persons, including Ribhav Rishi, Abhay Kumar, bank officials, and government officials, to siphon off government funds.
Investigators stated that Wadhwa played a significant role in the generation, layering, and concealment of proceeds of crime. The ED claimed that more than ₹70 crore of the allegedly embezzled funds was credited to his personal bank account. The agency further alleged that he invested the proceeds through various entities linked to him and purchased several immovable properties using the funds.
The ED also identified multiple intermediary shell entities, including Capco Fintech Services, Swastik Desh Projects, R.S. Traders, and SRR Planning Gurus Pvt. Ltd., which allegedly received diverted funds directly from government department accounts. Investigators said the money was subsequently layered through accounts of accused individuals and associated entities to disguise its origin.
According to the agency, hundreds of crores of rupees were transferred to various jewellers through these intermediary entities. The jewellers allegedly provided cash against banking transactions, which was then distributed among government officials and businessmen, including Vikram Wadhwa. The ED said it is continuing efforts to trace the complete money trail and identify all beneficiaries and assets acquired from the alleged proceeds of crime.
Following Wadhwa’s arrest, a Special Court under the PMLA granted the ED four days of custody on June 2, 2026. The agency noted that co-accused Ribhav Rishi and Abhay Kumar had earlier been arrested on May 11, 2026, and were subsequently remanded to judicial custody after 11 days of interrogation.
The ED said further investigation into the case is underway.
ED Arrest Vikram Wadhwa Vikram Wadhwa Arrest IDFC Bank Fraud 645 Crore Scam 645 Crore Fraud Case Enforcement Directorate ED Chandigarh PMLA Case Money Laundering Investigation Government Funds Embezzlement Public Funds Scam Shell Companies Fraud
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