Chandigarh, March 14: The Economic Offences Wing of the Chandigarh Police has apprehended businessman Vikram Wadhwa in connection with a multi-crore fraud involving IDFC First Bank. The arrest marks the first major breakthrough in cases involving the Chandigarh Municipal Corporation and the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).
The legal action follows complaints regarding the suspected fraudulent encashment of Fixed Deposit Receipts (FDRs) totaling over Rs 116 crore. These funds were reportedly shifted during the closure of Chandigarh Smart City Limited (CSCL) in March 2025. Additionally, CREST had sought an investigation into suspicious transactions amounting to more than Rs 75 crore.
Police officials stated that Wadhwa is also a person of interest in a separate Rs 590 crore scam reported in Haryana. The arrest occurred shortly after a local court granted the Chandigarh Police permission to bring three other accused individuals—Ribhav Rishi, Abhay Kumar, and Seema Dhiman—from Ambala jail on production warrants.
“The arrest of Wadhwa is expected to help the department uncover the intricate details of the scam that has impacted both Chandigarh and Haryana,” a police official affirmed.
The matter came to light when municipal officials attempted to encash the FDRs, only to be informed by the bank that the documents did not appear in their system and were likely fake. Authorities declared that the FDRs were allegedly issued by a former bank manager in early 2025. Investigators maintained that Wadhwa played a central role in diverting the funds through various companies, builders, and jewelers.
