Chandigarh Economic Offences Wing Secures Additional Police Remand in Multi-Crore Cheating Case
The Economic Offences Wing (EOW) of Chandigarh Police on Thursday successfully obtained an additional seven days of police remand for accused Vikram Wadhwa from the UT district court. This development comes as part of the ongoing investigation into a sophisticated cheating case involving approximately Rs 75 crore.
Extended Custody for Further Interrogation
Vikram Wadhwa, who had already spent five days in police custody prior to this hearing, will now remain under police interrogation for another week. Although the EOW had initially requested a ten-day remand period, the court granted seven days for further investigation into the complex financial fraud.
This case represents a separate investigation from Wadhwa's previous involvement in the Rs 116.84 crore Smart City fund embezzlement case concerning the Chandigarh Municipal Corporation. The current cheating case centers around unauthorized transactions from government accounts.
Detailed Internal Inquiry Report Under Scrutiny
According to investigative sources, the Chandigarh Municipal Corporation has submitted a comprehensive internal inquiry report exceeding 500 pages to the EOW. This detailed document reportedly mentions several officials associated with the Chandigarh Smart City project, whose roles are now under police examination.
Police officials are currently scrutinizing the individuals identified in this extensive report. After thorough verification of facts, authorities are expected to add the names of some officials to the First Information Report (FIR), potentially expanding the scope of the investigation.
The Core Complaint and Financial Irregularities
The cheating case originated from a formal complaint filed by Sukhwinder Singh, Project Director of the Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST), Sector 19, Chandigarh. The complaint was submitted on behalf of the CEO of CREST and highlighted serious financial discrepancies.
The complaint specifically alleged that 272 unauthorized deposit and withdrawal transactions were detected in CREST's bank accounts maintained with IDFC First Bank, Sector 32. These irregularities came to light after comparing original bank statements provided by IDFC First Bank with CREST's internal financial records.
Critical to the case is the finding that these transactions were neither initiated by CREST's accounts branch nor approved by any authorized signing authority, indicating a systematic bypassing of financial controls.
Substantial Financial Impact and Trail
The financial impact of these unauthorized transactions has been calculated as substantial:
- Principal shortfall assessed at Rs 75.16 crore
- Interest impact calculated at Rs 7.88 crore as of February 2, 2026
During the investigation, police obtained bank statements from both the CREST account and accounts belonging to the accused from IDFC First Bank. Scrutiny of these financial records revealed significant fund transfers from the CREST account to the account of CAPCO Fintech Services.
Further tracing showed subsequent transfers into the personal account of accused Vikram Wadhwa and the account of Martell Buildwell LLP. Police have clarified that Martell Buildwell LLP is a partnership firm where Wadhwa serves as both a partner and authorized signatory, establishing a direct financial connection.
Expanding Investigation and Additional Accused
The EOW investigation continues to expand, with police indicating that production warrants and cross-examination of three additional accused individuals are required:
- Ribhav Rishi
- Seema Dhiman
- Abhya Kumar
According to police statements, Wadhwa disclosed during interrogation that he had met Ribhav Rishi several years ago through Rakesh Kumar Rishi, who was then a senior manager at Punjab National Bank, Sector 17. Rishi, who later worked at IDFC First Bank, allegedly informed Wadhwa about handling bank accounts for several government departments from Chandigarh and Haryana containing substantial deposits.
The alleged proposal involved temporarily using these government funds for investment purposes, with plans to return the money to the accounts when required through corresponding entries—a scheme that forms the basis of the current investigation.
The Economic Offences Wing continues its meticulous investigation into the complete financial trail and the precise roles of all individuals involved in this complex multi-crore cheating case.
