CHANDIGARH, Oct 29 — A local CBI court has dismissed the bail application of realtor Vikram Wadhwa in connection with the alleged misappropriation of Rs 82 crore belonging to the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST). The funds, which were originally deposited in IDFC FIRST Bank, were allegedly diverted through fictitious transactions and shell entities in coordination with bank officials and public servants.
The prosecution asserted that Wadhwa maintained frequent telephonic contact with co-accused Ribhav Rishi, the former branch manager of the bank’s Sector 32 branch, pointing to call detail records covering the period of the alleged offenses. Law enforcement officials maintained that the siphoned money was routed through Capco Fintech Services and various inter-linked accounts for the purpose of layering and diversion.
Defense counsel argued that Wadhwa was falsely implicated, contending that the main allegation involved transfers to the account of Ribhav Rishi’s wife, who had not been arrayed as an accused by the prosecution. However, the court observed that the chargesheet reveals a pre-planned conspiracy involving complex financial transfers across multiple entities.
In its ruling, the court affirmed that the partial return of diverted funds to CREST does not erase the offense constituted by individual fraudulent debit transactions. Denying relief to the applicant, the bench declared that the gravity of the systematic financial fraud warrants continued judicial custody as investigations proceed.
