Money Laundering Case: Wadhwa is a big name in the real estate world, why now on ED’s radar? Whose story is being revealed layer by layer in this game worth hundreds of crores? The journey from the floor to the heights, then what happened suddenly that you reached behind the bars? From a job of Rs 1500 to an empire worth crores… how did this businessman get stuck?
IDFC First Bank Fraud: The Enforcement Directorate i.e. ED has taken a major action and arrested real estate businessman Vikram Wadhwa. The agency said on Monday that Wadhwa has been arrested under the Prevention of Money Laundering Act (PMLA), 2002. This arrest has been made in connection with the investigation of a major fraud in IDFC Bank.
Know the crime horoscope of Vikram Wadhwa
- According to the agency, Wadhwa was arrested on May 29. This case pertains to embezzlement of public funds worth Rs 645 crore. This money belonged to the Haryana Government, Chandigarh Union Territory Administration and two private schools of Chandigarh-Panchkula, which was withdrawn from their accounts maintained in IDFC First Bank.
- ED has named Wadhwa as one of the main accused. It is alleged that he along with Ribhav Rishi, Abhay Kumar, bank officials and government officials embezzled government money.
- “Vikram Wadhwa played a key role in generating, layering and concealing the proceeds of crime. He received more than Rs 70 crore in his personal account. Apart from this, he also received huge amount of cash from the embezzled funds. He invested this money in his companies and also purchased several immovable properties,” the ED said.
- The agency said, “In this fraud, several shell companies were used. These include companies like Capco Fintech Services, Swastik Desh Projects, RS Traders and SRR Planning Gurus Private Limited. Money from government departments was directly sent to the accounts of these companies. Subsequently, this money was diverted to different bank accounts of the accused and their associated companies.”
- According to ED, “Investigation has revealed that crores of rupees were transferred to many jewelers from these fake companies. These jewelers gave cash in lieu of banking transactions. Ribhav Rishi and his associates distributed this cash among government officials and businessmen like Vikram Wadhwa.”
Vikram Wadhwa in ED custody for four days
After being arrested on May 29, Wadhwa was produced in the special PMLA court, from where she has been sent to ED custody for four days till June 2. In this case, ED had earlier arrested Ribhav Rishi and Abhay Kumar on May 11. After 11 days of remand, both have been sent to judicial custody.
Who is real estate king Vikram Wadhwa?
Vikram Wadhwa is a big real estate businessman and hotelier. Who is originally a resident of Malout, Punjab. It is said that once Vikram Wadhwa used to work for Rs 1500 per month. But later he made a big name in real estate and hotel business in Chandigarh and Haryana. But the fraud of hundreds of crores of rupees related to the accounts of Haryana Government and Chandigarh Municipal Corporation brought them to the floor.