ED’s Chandigarh team has taken major action in the big bank fraud case of about Rs 590 crore that came to light in the Chandigarh branch of IDFC First Bank. ED has started search operation at 19 different locations in this case, so that the entire money trail and proceedings of crime can be traced. Investigation has revealed that various agencies of Haryana Government were maintaining their government accounts in IDFC First Bank.
What information came to light in the ED investigation?
Instead of depositing around Rs 590 crore deposited in these accounts in fixed deposits, the accused allegedly diverted it and used it for their personal purposes. ED’s initial investigation has revealed that the money from this scam was transferred through several shell companies and small jewelery firms. Later, this money was layered through huge transactions and spent in the name of purchasing gold and investing in real estate.
Hotel businessman’s name surfaced
Investigation has also revealed that a lot of cash was also withdrawn from this money. The name of Vikram Wadhwa, a hotelier from Chandigarh, has also come up in this case. It is being told that he is absconding since the news of the scam came to light. Wadhwa is also involved in the construction of real estate projects in the tricity area. The ED team is currently collecting documents and digital evidence.
