IDFC First Bank fraud: Businessman Vikram Wadhwa sent to seven-day police remand

A local court has sent businessman Vikram Wadhwa, a key accused in the IDFC First Bank scam, to seven-day police remand.

The case was registered against him on March 12 following a complaint by Sukhwinder Singh, Project Director, Chandigarh Renewable Energy & Science & Technology Promotion Society (CREST).

The police had produced him before the court after his remand in another FIR ended. This case was registered on a complaint of the Municipal Corporation, alleging fake FDRs scam of over Rs 116 crore related to funds of Chandigarh Smart City Limited.

In the complaint, Sukhwinder Singh had reported suspicious and unauthorised transactions in CREST accounts with IDFC First Bank, Sector 32.

The police stated that the production warrant of accused Ribhav Rishi, Abhay Kumar and Seema Dhiman had been obtained. Wadhwa’s as well their cross-examination was necessary in this case.

The police said the mobile phone of the accused contained important information including conversations and chats with Ribhav Rishi and others. The police claimed that the accused had hidden the phone at the residence of an acquaintance due to fear of arrest. The bank statement of CREST, the accused persons and several firms involved in the scam were being examined to ascertain the trail of money and identify the places, securities and properties where the siphoned amount was invested/kept. In view of this, a 10-day custodial interrogation of Wadhwa was utmost necessary, stated the police.

However, Wadhwa’s counsel Vishal Garg Narwana argued that the accused was falsely implicated in the case.

After hearing the arguments, the court sent the accused to seven-day remand.