Who is Vikram Wadhwa? Key accused in both IDFC First Bank and Chandigarh Smart City scams

The arc of real-estate developer and hotelier Vikram Wadhwa, 52, once celebrated in business circles as a self-made entrepreneur who rose from modest beginnings, took a stunning turn after his name surfaced earlier this month as a “key suspect” in the IDFC First Bank’s Rs 590 crore scam and subsequently in Chandigarh Smart City Limited project’s Rs 116 crore scam.

He was on the run ever since, despite being on the radar of the Haryana Police’s Anti-Corruption Bureau, State Vigilance Department, and the Enforcement Directorate.

On Saturday morning, Wadhwa was arrested by theChandigarhPolice’s Economic Offences Wing in connection with the case linked to the embezzlement of funds under the Chandigarh Smart City Limited project.

Chandigarh Police officials said that Wadhwa is a ‘key suspect’ in the misappropriation of more than Rs 116 crore in public funds meant for infrastructure and urban development under the Smart City initiative.

The arrest came after weeks of tracking his financial trails and following multiple leads tied to suspicious transactions and shell entities.

Wadhwa’s story had long been cited as a classic ‘rags-to-riches’ narrative in tricity’s business circles.

Coming from a modest background – son of a schoolteacher father and a homemaker mother (both, now deceased) – Wadhwa built a reputation in Chandigarh as a sharp entrepreneur who rapidly expanded his business interests across real estate, infrastructure contracts, and financial ventures.

A Class 12 pass-out from a school in Malout, Wadhwa came to Chandigarh in the mid-90s and started as a caretaker in the guesthouses that used to be operated from residential houses.

From there, he started building his empire and got into the business of hotels.

He operated Hotel Landmark in Sector 22 for quite a number of years before venturing into property-dealing and real-estate businesses.

Known for his proximity with several senior bureaucrats and government functionaries across Haryana, the Union Territory of Chandigarh, and Punjab, Wadhwa was often seen with these officers at his parties and social gatherings across the tricity.

Over the past decade, he cultivated a network of companies and partnerships that helped him secure contracts and financial deals across the tricity of Chandigarh,Panchkula, and Mohali.

He became a designated partner in three Limited Liability Partnership (LLP) firms – Prisma Residency, Kinspire Realty, and Martell Buildwell.

These real estate firms own several acres of land on which residential and commercial projects are coming up in Kharar, Mohali area.

All these assets are now under the scrutiny of the investigating agencies.

Enforcement Directorate’s press release issued Friday stated, “A significant amount has also been siphoned off by one Vikram Wadhwa, who is a hotelier and real estate developer running various projects in Mohali.

Vikram Wadhwa, who directly received the Proceeds of Crime in his bank account, has subsequently transferred the funds to the various real estate concerns like Prisma Residency LLP, Kinspire Realty LLP, and Martell Buildwell LLP.”
Investigators said the same complex web of companies and financial arrangements is suspected to have been used to divert government funds and conceal questionable transactions.

Sources in the probe team alleged that funds earmarked for development projects under the Smart City mission in Chandigarh (the case in which UT Police arrested Wadhwa) were routed through a series of intermediary firms before allegedly being siphoned off.

The alleged diversion, estimated at over Rs 116 crore, has resulted in a wider financial probe that includes examining contracts, payment approvals, and financial flows linked to various vendors.

Officials said the investigation could expand further as forensic audits of financial records continue.

Officers from the EOW of the Chandigarh Police reportedly tracked Wadhwa’s movements over several days before taking him into custody.

They said that further arrests may follow as they examine the roles of Wadhwa’s associates and corporate entities connected to the cases under investigation.

Officers said Wadhwa will be produced before a local court, where they shall be seeking his custodial interrogation to unravel what is being described as a complex financial conspiracy spanning multiple states.

Stay updated with the latest -Click here to follow us on Instagram