Chandigarh — Investigators in northern India have arrested businessman Vikram Wadhwa in connection with a financial fraud case involving more than ₹200 crore, a development authorities say could help unravel the complex trail of funds allegedly diverted through fraudulent banking instruments.
Officials from the Economic Offences Wing of the Chandigarh Police detained Wadhwa following complaints filed by the Municipal Corporation Chandigarh and the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).
Authorities allege that the fraud is linked to fixed deposit receipts valued at more than ₹116 crore that were reportedly prepared using funds transferred during the closure of Chandigarh Smart City Limited. After being produced before a court, Wadhwa was sent to five days of police custody, while investigators continue examining documents and properties believed to be connected to the case.
Suspicious Fixed Deposits and Missing Bank Records
The investigation centers on fixed deposit receipts (FDRs) allegedly issued at a branch of IDFC First Bank in Sector-32, Chandigarh. According to officials familiar with the inquiry, municipal authorities approached the bank seeking encashment of FDRs worth more than ₹116 crore. Bank officials later informed the civic body that the deposits did not appear in the bank’s internal systems and were believed to be fraudulent.
The deposits were reportedly issued during March and April 2025 by Rishab Rishi, who was serving at the time as the branch manager of the bank. An internal inquiry later indicated that Anubhav Mishra, an accountant working on an outsourced basis, was responsible for custody of the documents related to the FDRs. Investigators say he has been missing for an extended period.
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Following the Money Trail
Police believe Wadhwa played a central role in diverting the funds once they were moved out of the banking system. According to investigators, the money was allegedly routed through multiple companies and transferred repeatedly before reaching various beneficiaries. Authorities suspect portions of the funds were invested in businesses linked to builders, jewelers and other individuals.
Officials say Wadhwa maintained close contact with bank employees suspected of involvement in the alleged scheme. The arrest, investigators said, is expected to help authorities reconstruct the financial trail and determine how the funds moved through the network of accounts and companies.
Wider Fraud Network Under Scrutiny
The case is part of a broader investigation into financial irregularities that have drawn attention from multiple agencies. Officials noted that Wadhwa’s name had earlier surfaced in a separate financial fraud case in Haryana involving more than ₹590 crore.
The Enforcement Directorate recently conducted searches at properties associated with Wadhwa as part of its own inquiry into suspected financial transactions exceeding ₹75 crore. Police say the arrest could provide new leads in the broader investigation spanning Chandigarh and neighboring Haryana.
Investigators are also examining the role of several other accused individuals, including Ribhan Rishi, Abhay Kumar and Seema Dhiman, who were recently brought to Chandigarh from Ambala jail on production warrants.
Authorities say the investigation remains ongoing as officers attempt to determine the full extent of the alleged fraud and identify the individuals responsible for moving the funds through the system.
