Chandigarh, March 18: The Chandigarh Police Crime Branch has identified immovable properties worth approximately ₹70 crore belonging to real estate developer Vikram Wadhwa, the alleged mastermind behind a multi-crore financial fraud. Officials affirmed that seven residential and commercial assets across the tricity region have been traced during the ongoing investigation. The authorities maintained that these properties are suspected to have been acquired using proceeds from the diversion of government funds involving Haryana departments and the Chandigarh Municipal Corporation.
During the probe, Vikram Wadhwa stated that he opened multiple bank accounts for himself and his family on the advice of co-accused Ribhav Rishi. The developer asserted that Rishi claimed to personally monitor government accounts holding hundreds of crores and proposed arranging these funds for real estate investments without interest. Investigators declared that financial experts have been roped in to analyze the money trail and bank statements to substantiate these claims.
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The police affirmed that the identified fixed assets could be attached or confiscated for the recovery of the defrauded amount, subject to legal proceedings. Wadhwa, who is currently under a five-day police remand, maintained that the funds were routed through several companies, including Capco Fintech Services and RS Traders. Officials declared that the investigation is deepening to uncover the full extent of the ₹590-crore fraud involving Haryana and the ₹190-crore irregularities linked to CREST and the Chandigarh MC.
