Chandigarh Police's Economic Offences Wing Makes Major Breakthrough in IDFC First Bank Fraud Cases
The Economic Offences Wing (EOW) of Chandigarh Police has secured its first significant breakthrough in the high-profile IDFC First Bank fraud cases, which were initiated based on formal complaints lodged by the Chandigarh Municipal Corporation and the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST). In a decisive move, the police have apprehended businessman Vikram Wadhwa, who is implicated in these cases for orchestrating a massive financial fraud exceeding Rs 200 crore.
Details of the Fraudulent Activities and Complaints
The Municipal Corporation, in its official complaint to the police, raised serious concerns about the suspected encashment of Fixed Deposit Receipts (FDRs) valued at over Rs 116 crore. These FDRs were allegedly created using funds that were transferred during the closure proceedings of the Chandigarh Smart City Limited (CSCL). Simultaneously, CREST filed a separate complaint requesting a thorough investigation into suspicious transactions involving an amount surpassing Rs 75 crore, further complicating the financial web.
Vikram Wadhwa's involvement is not limited to Chandigarh; his name has also surfaced in connection with a separate scam in Haryana, which involves a staggering sum of over Rs 590 crore. Haryana Police had been actively searching for him prior to his arrest by Chandigarh authorities.
Investigation Unfolds and Court Proceedings
With Wadhwa now in custody, Chandigarh Police are optimistic about unraveling the intricate details of this scam that has sent shockwaves through both Chandigarh and Haryana. His arrest occurred just one day after the police received judicial approval from a local court to bring three other accused individuals—Ribhav Rishi, Abhay Kumar, and Seema Dhiman—to Chandigarh from Ambala jail on production warrants.
The fraud came to light when Municipal Corporation officials, following the discovery of a similar scam in Haryana linked to IDFC First Bank, approached the bank's Sector-32 branch in Chandigarh. They sought to encash the FDRs worth over Rs 116 crore, which were purportedly issued from funds shifted during the CSCL's closure in March 2025. Upon closure, CSCL's assets, records, and financial matters were transferred to the Municipal Corporation, Chandigarh. CSCL had maintained multiple operational accounts with IDFC First Bank.
Discovery of Fake FDRs and Missing Individuals
In a startling revelation last month, IDFC First Bank informed the Municipal Corporation that the FDRs in question did not appear in the bank's official system and were declared to be counterfeit. These fraudulent FDRs were reportedly issued by Rishab Rishi, who served as the Bank Manager at IDFC First Bank's Sector-32 branch in Chandigarh during March and April 2025.
An internal inquiry further exposed that Anubhav Mishra, an accountant working on an outsourced basis, was the custodian of these FDRs. Mishra has been missing for an extended period, adding another layer of mystery to the case.
Wadhwa's Alleged Role and Money Trail
Sources indicate that Vikram Wadhwa maintained close associations with bank employees allegedly involved in this fraudulent scheme. Authorities suspect that the entire scam amount was systematically diverted to various companies multiple times, with Wadhwa playing a pivotal role in facilitating these transactions. The diverted funds are believed to have been channeled to numerous builders, jewelers, and other individuals, creating a complex money trail that investigators are now diligently working to trace.
In a related development, the Enforcement Directorate (ED) recently conducted searches at properties belonging to Vikram Wadhwa, underscoring the seriousness of the investigation and the widespread impact of this financial fraud.
