The Economic Offences Wing (EOW) of the Chandigarh Police apprehended realtor Vikram Wadhwa, aged 52, who resides in Sector 33, in relation to an alleged scam involving approximately Rs 116.84 crore from the Chandigarh Smart City funds. The arrest occurred on Saturday.
Authorities indicated that Wadhwa was also sought by Haryana Police, as his name was associated with the Rs 590 crore IDFC First Bank scam currently under investigation there. On the same day, the UT EOW secured production warrants for three suspects — Ribhav Rishi, Abhya Kumar, and Seema Dhiman — and transported them from Ambala jail for questioning regarding the case.
Following Wadhwa’s arrest, the Chandigarh EOW presented him in a local court and requested a seven-day police remand. However, the court granted a five-day remand for additional interrogation. The police informed the court that during his statement, Wadhwa admitted to colluding with former IDFC First Bank manager Ribhav Rishi to misappropriate funds amounting to crores that were deposited in government accounts.
According to the police, he disclosed that these funds were diverted through shell companies and later invested in real estate projects. The police reported that Wadhwa revealed he had met Ribhav Rishi several years prior through Rakesh Kumar Rishi, who was then a senior manager at Punjab National Bank in Sector 17.
Rakesh Kumar Rishi’s son, Ribhav Rishi, subsequently worked at IDFC First Bank, and the two established contact during that time. Wadhwa informed investigators that Ribhav had told him he was in charge of the bank accounts for various government departments in Chandigarh and Haryana, where substantial sums of money were deposited. The police stated that Ribhav allegedly suggested that this money could be temporarily utilized for investments, with the understanding that when necessary, entries would be made to return the funds to their respective accounts.
Further investigation disclosed that the accounts belonging to government departments were initially transferred to the Sector 32 branch of IDFC First Bank. Subsequently, funds from these accounts were reportedly funneled to multiple private companies before being deposited into Wadhwa’s accounts.
The police indicated that firms such as Capco Fintech Services, RS Traders, and Swastik Desh Projects were part of this network through which the misappropriated funds were channeled. Additionally, the police noted that a portion of the diverted funds was deposited into the accounts of bank officer Ribhav Rishi and his spouse prior to being invested in real estate.
In his testimony, Wadhwa informed the police that over the past three to four years, he had invested in a variety of residential and commercial developments. He stated that his real estate projects were situated in Chandigarh, Mohali, Kharar, and several other locations. He disclosed that the original documents pertaining to these properties were stored with his relatives throughout Punjab and Haryana. He also indicated that the Income Tax department had previously conducted a raid on his residence. During the investigation, EOW officials discovered that records from Chandigarh Smart City Limited referenced 11 fixed deposit receipts (FDRs) valued at approximately Rs 116.84 crore.
However, they reported that no corresponding records for these FDRs were found in the bank’s system. According to the police, the FDRs were allegedly issued in March-April 2025 by Ribhav Rishi, the then-manager of the IDFC First Bank Sector 32 branch. An analysis of bank statements uncovered suspicious transactions totaling Rs 8.22 crore, and the police stated that verification for these transactions could not be located in the MC records.
Meanwhile, Wadhwa submitted three applications to the court through his attorney. In the first application, filed under Section 183(1) in conjunction with Section 183(5) of BNS, he sought to document that he had been compelled to sign various handwritten and typed documents, including black paper, while in custody. The second application requested that he be provided with copies of the arrest memo, the FIR, and the remand application.
The third application requested a declaration stating that his arrest was unlawful, breached the procedures set forth by law, and was in violation of Article 21 and Article 22 of the Constitution of India, in conjunction with Sections 36, 35, 47, 48, and 62 of the BNS.
