IDFC First Bank Scam: Businessman Vikram Wadhwa Granted 7-Day Police Custody
A local court in Chandigarh has ordered a seven-day police remand for businessman Vikram Wadhwa, a central figure in the unfolding IDFC First Bank financial fraud case. This decision follows the conclusion of his remand in a separate FIR, highlighting the escalating legal scrutiny in this high-profile scam.
Details of the Case and Complaint
The case was officially registered on March 12, 2026, based on a complaint filed by Sukhwinder Singh, the Project Director of the Chandigarh Renewable Energy & Science & Technology Promotion Society (CREST). Singh reported suspicious and unauthorized transactions within CREST accounts held at IDFC First Bank's Sector 32 branch in Chandigarh.
This complaint is intricately linked to another ongoing investigation involving the Municipal Corporation, which alleges a fake Fixed Deposit Receipts (FDRs) scam exceeding Rs 116 crore. These funds are associated with the Chandigarh Smart City Limited, pointing to a complex web of financial irregularities.
Police Arguments for Custodial Interrogation
The police presented a compelling case for Wadhwa's extended custody, requesting a 10-day remand. They emphasized the necessity of cross-examining Wadhwa alongside other accused individuals, including Ribhav Rishi, Abhay Kumar, and Seema Dhiman, for whom production warrants have been secured.
Key evidence cited by the police includes:
- Mobile phone data: Wadhwa's phone allegedly contains crucial conversations and chats with Ribhav Rishi and other parties involved. The police claim he hid the device at an acquaintance's residence fearing arrest.
- Financial trail analysis: Authorities are meticulously examining bank statements from CREST, the accused persons, and several implicated firms to trace the flow of siphoned money and identify where these funds were invested or concealed.
The police argued that this detailed custodial interrogation is utmost necessary to unravel the full extent of the fraud and recover the misappropriated assets.
Defense Counterarguments and Court's Decision
Vikram Wadhwa's defense counsel, Vishal Garg Narwana, vehemently contested the police's claims, arguing that his client has been falsely implicated in the case. After carefully considering arguments from both sides, the court ultimately granted a seven-day police remand, balancing investigative needs with legal procedures.
This remand period will allow investigators to intensify their probe into the alleged multi-crore scam, focusing on the intricate money trail and the roles of all accused individuals in the IDFC First Bank and Chandigarh Smart City financial controversies.
