Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
Chandigarh Police's Economic Offences Wing arrested realtor Vikram Wadhwa in connection with the alleged diversion of around INR 116.84 crore from Chandigarh Smart City funds. Authorities said Wadhwa colluded with former IDFC First Bank manager Ribhav Rishi, routing government deposits through shell companies into real estate projects in Chandigarh, Mohali, Kharar, and surrounding areas. Investigations revealed missing fixed deposit receipts and unverified transactions worth INR 8.22 crore. Wadhwa and three other accused were brought from jail for questioning, while Wadhwa's legal team challenged the arrest procedure and sought custody clarifications.
Chandigarh Police's Economic Offences Wing recently arrested 52-year-old realtor Vikram Wadhwa, a resident of Sector 33, in connection with the alleged misappropriation of approximately INR 116.84 crore from Chandigarh Smart City funds. Wadhwa's name had also surfaced in an ongoing INR 590 crore IDFC First Bank fraud investigation being pursued by Haryana authorities. On the day of his arrest, police obtained production warrants for three additional accused Ribhav Rishi, Abhya Kumar, and Seema Dhiman and brought them from Ambala jail for interrogation. Advertisement
During court proceedings, the police requested a seven-day remand for questioning Wadhwa, but the court approved a five-day remand. Investigators said Wadhwa admitted to collaborating with former IDFC First Bank manager Ribhav Rishi to divert money deposited in government accounts. The diverted funds were allegedly routed through multiple shell companies, including Capco Fintech Services, RS Traders, and Swastik Desh Projects, before being invested in real estate ventures. Some funds reportedly reached Rishi and his wife's accounts prior to these investments.
Wadhwa told investigators that he and Ribhav Rishi had met years ago through Rakesh Kumar Rishi, then a senior manager at Punjab National Bank. Ribhav Rishi later joined IDFC First Bank and managed accounts for multiple government departments in Chandigarh and Haryana. He allegedly proposed using these government funds temporarily for investment, assuring that records would later reflect their return.
The investigation revealed that the Sector 32 branch of IDFC First Bank was used to initially transfer government department funds. Records from Chandigarh Smart City Limited indicated 11 fixed deposit receipts worth INR 116.84 crore, but no corresponding entries were found in the bank system. Suspicious transactions amounting to INR 8.22 crore could not be verified against municipal records, prompting further scrutiny.
Over the past three to four years, Wadhwa said he invested in various residential and commercial projects in Chandigarh, Mohali, Kharar, and other areas. He claimed that the original property documents were held by relatives across Punjab and Haryana. Earlier, his premises had also been raided by the Income Tax department.
Meanwhile, Wadhwa filed three applications in court through his legal counsel. The first sought to record that he had been made to sign several handwritten and typed papers in custody. The second requested copies of the arrest memo, FIR, and remand application. The third challenged the legality of his arrest, alleging violations of constitutional rights and established legal procedure.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
