The Chandigarh Police Crime Branch on Saturday arrested the alleged main conspirator in the case $Rs 590 crore scam linked to IDFC First Bank which involved funds from several Haryana government departments, along with a segregated account $Officials aware of the developments said Rs 190 crore of financial irregularities were linked to the Chandigarh Municipal Corporation and the Chandigarh Society for Renewable Energy and Promotion of Science and Technology (CREST).
The accused, hotelier and real estate developer Vikram Wadhwa (52), had been evading arrest since the scam came to light on February 22, 2026. He was arrested from a hideout in Kharar, Mohali district.
According to the Haryana State Vigilance and Anti-Corruption Bureau $Rs 590 crore was withdrawn from accounts belonging to at least eight government departments in Haryana. The money was supposed to be stored as fixed deposits at IDFC First Bank branch in Sector 32, Chandigarh, but was allegedly transferred through 12 compromised accounts.
Investigators said the fraud involved a network of bank insiders and outside facilitators. Officials from government departments were allegedly persuaded to deposit public funds at the branch, after which the funds were transferred or withdrawn without authorization using forged debit memos and fabricated bank documents.
So far, the Vigilance Bureau has arrested 11 people in the case, including bank employees Ribhav Rishi and Abhay Kumar, and department supervisor Naresh Kumar Bhawani. Rishi, who resigned from IDFC First Bank in June 2025, allegedly set up several shell companies to route the looted funds through multiple accounts.
By HT Correspondent Naina Mishra
