Chandigarh Police arrest hotelier Vikram Wadhwa in scam linked to IDFC First Bank

The Economic Offences Wing (EOW) of the Chandigarh Police on Saturday arrested real estate developer and hotelier Vikram Wadhwa,a key accused in a Rs 116 crore fraud linked to accountsof the now-defunct Chandigarh Smart City Limited, which were maintained at an IDFC First Bank branch.

Wadhwa was arrested in Chandigarh, officials said.

Wadhwa’s arrest comes a day after the Enforcement Directorate (ED) said in a statement that he had siphoned off a “significant amount” in the Rs 590 crore IDFC First Bank fraud scam.

A hotelier and real estate developer running various projects in Mohali, Wadhwa “directly received the proceeds of crime in his bank account” and subsequently transferred the funds to “various real estate concerns like Prisma Residency LLP, Kinspire Realty LLP, and Martell Buildwell LLP”, the central agency claimed.

Apart from the EOW, the ED, the Haryana Police’s Anti-Corruption Bureau, and the state vigilance department were on the lookout for Wadhwa.

Searches were also conducted to arrest him, officials said.

The same IDFC First Bank branch was found to be involved in both embezzlement cases—theChandigarhSmart City Limited case and the ED case—with several accused common to both.

While Wadhwa was not named initially in either case, his role emerged during the investigation into both matters and through the interrogation of suspects already arrested in the IDFC First Bank case.

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