A special CBI court in Chandigarh has rejected the first regular bail application of realtor Vikram Wadhwa in the alleged ₹504 crore Haryana government funds fraud involving IDFC First Bank and AU Small Finance Bank, observing that he was allegedly a key conduit and a substantial beneficiary of the diverted money.
Special Judge Vijayant Sehgal said material collected by the Central Bureau of Investigation prima facie indicated Wadhwa’s involvement in the alleged conspiracy.
The court noted that Wadhwa allegedly received ₹37.82 crore from the misappropriated funds, including ₹4.57 crore in cash delivered through couriers and about ₹33.25 crore routed through bank accounts of shell entities.
Court Notes Alleged ₹37.82 Crore Benefit
According to the prosecution, Wadhwa played a significant role in receiving and layering part of the money allegedly diverted from Haryana government funds.
The court referred to the alleged transfer of ₹33.25 crore through accounts linked to shell entities and another ₹4.57 crore allegedly delivered in cash through couriers.
Investigators also placed call records before the court showing that Wadhwa exchanged 132 calls with prime accused Ribhav Rishi between June 2024 and January 2026.
The prosecution alleged that Wadhwa used his connections with senior government officials to facilitate favours for Rishi.
These alleged favours included assistance in opening bank accounts, facilitating transfers of government funds and helping remove a ₹50 crore limit imposed on IDFC First Bank.
The court said the material placed before it was sufficient at this stage to distinguish Wadhwa’s alleged role from that of some other accused.
Five Properties Worth About ₹55 Crore Under Scanner
The court also took note of allegations that part of the siphoned money had been invested in five immovable properties worth around ₹55 crore.
The prosecution relied on cash-delivery records, WhatsApp conversations with co-accused Charanjit Singh Randhawa and a note recovered from the phone of accused Abhay Kumar.
According to the order, the recovered note contained Wadhwa’s name alongside corresponding monetary figures.
These materials were cited by investigators to support their allegation that Wadhwa was involved in the movement, conversion and investment of the diverted funds.
Wadhwa’s defence argued that he was a businessman with no official control over government money and that his dealings with Ribhav Rishi were commercial transactions.
The court, however, said these issues would have to be examined during the trial.
It also clarified that the observations made while deciding the bail application would not influence the merits of the trial.
Bail Plea on Parity With Co-Accused Rejected
Wadhwa had sought bail partly on the ground of parity with co-accused Amit Dewan.
The court rejected that argument, holding that Wadhwa’s alleged role was materially different, particularly in relation to the layering and conversion of a substantial portion of the diverted money.
The judge also noted that Wadhwa’s bail plea had earlier been rejected in a separate CREST funds case.
The court further referred to another case involving an alleged attempt to escape from custody.
Taken together, the court found no sufficient ground to grant regular bail at this stage.
The wider CBI investigation has led to 26 arrests. By September 2, the agency had charge-sheeted 37 accused, including 19 people named in its third chargesheet.
Those figures relate to different stages of the investigation and are not interchangeable.
The alleged ₹504 crore fraud remains under investigation, with the CBI continuing to examine the flow of funds, the role of accused persons and the alleged use of shell entities, cash couriers and property investments to move and conceal the money.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
