The Central Bureau of Investigation has widened its probe into the alleged Rs 504-crore IDFC FIRST Bank scam, uncovering evidence that funds siphoned from government accounts were diverted into bullion purchases, real estate assets, and complex banking channels. In a supplementary chargesheet filed recently, the agency detailed the seizure of 5.59 kilograms of gold and gold jewellery from two separate establishments in Sector 23C, Chandigarh. Laboratory assessments determined the total quantity of pure gold recovered from the two premises at 4.366 kilograms. Investigators are currently scrutinising whether these precious metal acquisitions were directly financed using proceeds generated through fraudulent debits, while tracking cash deliveries running into crores of rupees that were shuttled across the city.
Gold Recovered in Sector 23C Searches Deposited at CBI Repository
According to official investigation records, search operations were carried out at two commercial establishments in Sector 23C on May 29, 2026. At M/s Shri Computerised Gold Testing, agency sleuths recovered 2,321.630 grams of gold, which upon technical examination yielded 2,186.840 grams of pure metal. A CP Plus full HD network video recorder was also taken into custody from the premises to secure visual logs. On the same day, a search at M/s Shri Jewellers led to the seizure of 3,268.780 grams of gold jewellery, containing an estimated 2,179.500 grams of pure gold. The entire recovered haul has since been deposited in the property room of the CBI EO-III wing in New Delhi as case property. The agency is examining statements from bullion dealers Dadaso Chavan, Jagdish Patil, and Manoj Bhosale regarding transactions entered on official ledgers as well as dealings kept off the books.
Cash Deliveries and Property Investments Linked to Key Associates
Statements recorded from Manish and Rahul, both employees of principal accused Ribhav Rishi, revealed an organised network for transporting illicit cash. Funds collected from jewellers were allegedly ferried directly to the residence of real estate businessman Vikram Wadhwa and to Hotel Landmark. The records document two separate cash deliveries of Rs 50 lakh each on January 14, 2026, followed by a Rs 1-crore delivery on January 17, 2026. The supplementary chargesheet indicates that Wadhwa admitted to deploying roughly Rs 55 crore received from Rishi into five distinct real estate holdings. These investments include a two-kanal residence in Sector 33C valued at approximately Rs 23 crore, a one-kanal house in Sector 21C worth nearly Rs 10 crore involving a Rs 4.5-crore cash payment, and an SCO in Sector 22 acquired through Buildwell Saluja LLP for Rs 12 crore. The remaining funds were placed into a farmhouse in Amari Hills, Mullanpur, valued at Rs 2.25 crore, and Plot A-306 in Great Punjab Society, where a Rs 4-crore payment was supported by a share certificate issued in Wadhwa’s name.
Shell Entity Transfers and Digital Clues Sent for Lab Analysis
The supplementary chargesheet details suspicious transactions worth Rs 37.82 crore associated with Vikram Wadhwa, comprising Rs 4.57 crore in hard cash and Rs 33.25 crore routed through accounts held by shell entities, with transactions related to Swastik Desh Projects and Capco Fintech under scrutiny. Records indicate deliberate efforts were made to influence senior bank executives to open accounts, facilitate transfers, and remove a mandatory Rs 50-crore limit at IDFC FIRST Bank. Call logs establish that Rishi and Wadhwa contacted each other 132 times between June 6, 2024, and January 31, 2026. Technical evidence, including two CCTV hard drives seized on February 27, 2026, from Rajan Singh Kathodia of Sawan Jewellers, alongside his iPhone 16 Pro Max and iPhone 12 Pro Max, was sent to CFSL Panchkula in March for detailed forensic analysis. Investigators have also forwarded call detail records from Vodafone Idea, handwriting samples, official seals, and fixed deposit receipts for expert verification. Formal prosecution sanction under Section 19 of the Prevention of Corruption Act, 1988, remains pending before the competent authority as forensic evaluations continue.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
