ED arrests Vikram Wadhwa in IDFC Bank fraud

The India — Enforcement Directorate>>> (ED) has arrested real estate businessman Vikram Wadhwa>>> in connection with an ongoing investigation into a Rs 645 crore fraud case involving IDFC First Bank>>>. Wadhwa is accused of conspiring with Ribhav Rishi>>>, Abhay Kumar>>>, bank officials, and government officials to embezzle public funds from bank accounts belonging to the India — Haryana>>> government, the India — Chandigarh>>> Union Territory Administration, and two private schools. He allegedly received over Rs 70 crore in his personal account and substantial cash, which he invested in various entities and immovable properties. The investigation revealed a complex layering scheme involving shell entities like Capco Fintech Services>>>, Swastik Desh Projects>>>, R.S. Traders>>>, and SRR Planning Gurus Private Limited>>> to disguise the origin of the funds. Hundreds of crores were transferred to jewellers who provided cash in return, which was then distributed among officials and businessmen. Wadhwa was granted four days of ED custodial remand, following the earlier arrests of Ribhav Rishi>>> and Abhay Kumar>>>.