The Enforcement Directorate (ED) has initiated searches across 19 locations spanning Haryana, Chandigarh, and parts of the NCR as part of a money laundering probe into an alleged ₹590 crore fraud involving government deposits at the IDFC First Bank's Chandigarh branch.
The investigation focuses on entities accused of facilitating "accommodation entries" – essentially creating false transactions to obscure the trail of illicit funds. Preliminary findings suggest a significant diversion of funds, with money allegedly routed through numerous shell companies and minor jewellery businesses. This money was purportedly laundered through layered transactions, ultimately siphoned off via schemes involving gold purchases and real estate investments. A notable figure emerging from the investigation is Vikram Wadhwa, a Chandigarh-based hotelier involved in real estate projects, who has reportedly absconded following the news of the alleged scam.
The ED's actions follow an existing investigation. Reports indicate that IDFC First Bank itself suspended four officials and filed a police complaint after the issue came to light. Recently, the State Vigilance and Anti-Corruption Bureau (ACB) arrested Ankur Sharma, a partner in SRR Planning Gurus Private Limited, in connection with the case. Prior to this, on February 24, the ACB had arrested Ribhav Rishi and Abhay Kumar, identified as former IDFC First Bank employees, along with business partners Swati Singla and Abhishek Singla of Swastik Desh Project.
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Searches are being conducted at premises linked to former bank officials, suspected beneficiaries, and real estate agents believed to have assisted in dissipating the alleged proceeds of the crime. Investigators are examining financial records and documents to trace the flow of funds and identify any other entities potentially involved. The ED is also reportedly looking into whether funds belonging to other government bodies might have been similarly misused.
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The alleged fraud pertains to government deposits held in accounts with IDFC First Bank. The operations on Wednesday involved the ED's Chandigarh zonal office. The scope of the searches extended to Gurgaon and Mohali, among other areas within the Chandigarh region.