IDFC Bank Scam: Businessman Vikram Wadhwa Arrested for Key Role in Embezzlement of Public Funds and Money Laundering

The Enforcement Directorate (ED) has arrested real estate businessman Vikram Wadhwa in connection with the high-profile IDFC Bank scam, involving an amount of ₹645 crore. The ED’s Chandigarh Zonal Unit arrested him on May 29, 2026, under the Prevention of Money Laundering Act (PMLA), 2002.
According to the ED, the investigation conducted so far has revealed the embezzlement of approximately ₹645 crore in public funds from the IDFC First Bank accounts of the Haryana Government, the Chandigarh Administration, and two private schools located in Chandigarh and Panchkula. The investigative agency claims that Vikram Wadhwa is among the key accused in this case. He is alleged to have played a pivotal role in the embezzlement of public funds by conspiring with Ribhav Rishi, Abhay Kumar, bank officials, and government officials.
According to the ED, the investigation revealed that Vikram Wadhwa allegedly worked to conceal the proceeds of the crime, launder the funds through various accounts and entities, and obscure their true source.
As per the ED, an amount exceeding ₹70 crore was credited to Vikram Wadhwa’s personal bank account. Furthermore, a substantial amount of cash was also allegedly generated from funds linked to this very scam. The agency alleges that these funds were utilized to make investments in various companies and to acquire several immovable properties. The investigation has also brought to light the names of several alleged shell companies, including Capco Fintech Services, Swastik Desh Projects, RS Traders, and SRR Planning Gurus Private Limited. It is alleged that funds were transferred from the accounts of government departments into the accounts of these companies, and subsequently, the true identity of the money was concealed by routing it through various other accounts.
The ED claims that hundreds of crores of rupees were transferred from these shell companies to various jewelers, where cash was provided in exchange for banking transactions. Subsequently, this cash was delivered to various government officials and businessmen. The ED produced the accused before a Special PMLA Court, which remanded him to four days of ED custody until June 2. Prior to this, in the same case, Ribhav Rishi and Abhay Kumar were arrested on May 11. Following an 11-day remand, both accused have been sent to judicial custody. The investigation into the matter is ongoing.