ED arrests realty businessman Vikram Wadhwa in Rs 645 crore IDFC First Bank fraud case
New Delhi: The Enforcement Directorate (ED) has arrested real estate businessman Vikram Wadhwa under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with its investigation into an alleged Rs 645 crore fraud involving accounts maintained with IDFC First Bank.
Wadhwa was arrested on May 29 and subsequently produced before a special PMLA court, the agency said on Monday.
According to the ED, the case relates to the alleged embezzlement of public funds amounting to Rs 645 crore from bank accounts of the Haryana government, the Chandigarh Union Territory administration, and two private schools based in Chandigarh and Panchkula that were maintained with IDFC First Bank.
The central agency alleged that Wadhwa played a key role in the fraud.
Also Read: IDFC First Bank fraud case: ED arrests 2 former employees in Rs 645 crore embezzlement probe
“Wadhwa is one of the main accused who, in connivance with Ribhav Rishi, Abhay Kumar, bank officials and government officials, embezzled government funds,” the ED said in a statement.
The money laundering investigation stems from allegations that funds were fraudulently siphoned from government and institutional accounts through a conspiracy involving private individuals, bank officials and public servants.
The ED is continuing its probe to trace the flow of funds and identify the beneficiaries of the alleged fraud.
