As the Economic Offences Wing and Enforcement Directorate close in, the web of connections, hidden wealth, and official patronage surrounding accused Vikram Wadhwa grows more alarming.
At a glance
- Vikram Wadhwa arrested in multi-crore IDFC Bank fraud
- Senior IAS and police officials reportedly attended his birthday party
- ED suspects scam funds converted into gold, hidden across multiple locations
- Several city jewellers under scanner for suspicious transactions
- Co-accused Ribhav to be brought from Haryana jail on production warrant
The layers surrounding the contacts, financial transactions, and network of Vikram Wadhwa — the accused arrested in the multi-crore IDFC Bank scam — have slowly begun to unravel, as the Economic Offences Wing (EOW) of the Chandigarh Police tightens its grip on one of the city’s most complex financial fraud cases in recent memory.
Investigators are combing through the accused’s mobile phone Call Detail Records (CDRs), while scrutinising each of his bank accounts and financial transactions in minute detail. What has emerged, according to sources close to the probe, paints a picture of a man who wielded considerable influence — influence that may have reached into the highest corridors of the city’s administration.
Birthday party puts officials in the spotlight
Among the more startling revelations is that Wadhwa hosted a lavish birthday celebration at a prominent venue in the Industrial Area approximately three months ago. Sources familiar with the investigation say several senior officials attended the event — and that there is credible talk of certain IAS officers having been present among the guests. The police are now probing these contacts and mapping the potential network that may have shielded or enabled the accused’s activities.
Investigating agencies have also received information suggesting Wadhwa shared close ties with certain officials and was a frequent visitor to their premises. The police, however, are conducting a thorough examination of all aspects before officially confirming these facts, stressing that no conclusions have been drawn at this stage.
Key documents seized; gold trail leads to jewellers
Meanwhile, investigators conducted a raid at Wadhwa’s residence, seizing several key documents and financial records believed to be crucial to establishing the full scope of the conspiracy. The Enforcement Directorate (ED), which is running a parallel investigation, has identified a particularly alarming thread: it is suspected that a substantial portion of the scam’s proceeds were laundered through the purchase of gold.
A segment of this gold, sources say, has been secreted away at various undisclosed locations. The suspicion has drawn several city jewellers into the investigation’s orbit, with the EOW flagging what appear to be suspicious transactions in the bank accounts of certain bullion dealers. By scouring banking records, investigators are attempting to trace precisely which accounts received transfers of scam proceeds, and for how long this network had been allowed to operate undetected.
Face-to-face interrogation of accused planned
On Monday, police conducted a medical examination of the accused, Vikram Wadhwa. Simultaneously, preparations are underway to bring co-accused Ribhav — currently lodged in a Haryana jail — to Chandigarh on a production warrant. The authorities intend to interrogate both accused individuals face-to-face, hoping that a direct confrontation will unlock the remaining links in the chain of evidence: where the money went, who facilitated it, and how long this alleged fraud was allowed to flourish.
The case is being closely watched across Chandigarh’s administrative and business circles, with each new disclosure raising fresh questions about the extent of the network and the depth of the connections that allegedly kept it intact.
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