New Delhi: The Enforcement Directorate (ED) took major action in a high-profile Money Laundering Case linked to an alleged ₹645 crore banking fraud. The agency arrested real estate businessman Vikram Wadhwa after detailed investigation.
Officials said this arrest marks a key breakthrough in the ongoing probe.
ED Arrests Key Accused
ED arrested Vikram Wadhwa under the Prevention of Money Laundering Act (PMLA). After the arrest, officials produced him before a special court. Subsequently, the court sent him to ED custody until June 2, 2026 for further questioning.
The agency continues to examine his role in the financial network.
₹645 Crore Fraud Network Exposed
Investigators traced nearly ₹645 crore that allegedly moved out from accounts linked to government departments, educational institutions, and private schools in Haryana, Chandigarh, and Panchkula.
Officials say the accused routed this money through IDFC First Bank and multiple shell companies to hide its origin.
Shell Companies Used to Move Funds
ED found that the accused created and used several shell companies to transfer funds and disguise transactions.
The investigation linked companies such as Capco Fintech Services, Swastik Desh Projects, RS Traders, and SRR Planning Gurus Pvt. Ltd. to the money trail.
The accused repeatedly moved money between accounts. This process, known as “layering,” helped them hide the source of funds in this Money Laundering Case.
Role of Vikram Wadhwa
Investigators identified Vikram Wadhwa as one of the main beneficiaries of the alleged scam.
ED officials stated that over ₹70 crore entered his personal bank accounts. He also received large cash amounts and later invested them in real estate and other business assets.
Earlier Arrests and Ongoing Investigation
Earlier, ED arrested Ribhav Rishi and Abhay Kumar on May 11, 2026. Both remain in judicial custody.
Now, ED teams track the complete money flow and identify other individuals involved in the network.
Conclusion
The Money Laundering Case involving ₹645 crore continues to expand as ED uncovers new links. The agency focuses on tracing every transaction and identifying all beneficiaries involved in the alleged scam.
Key Points of the news:
- ED arrested real estate businessman Vikram Wadhwa in a ₹645 crore Money Laundering Case under PMLA.
- Investigators linked the scam to accounts of government departments, schools, and institutions in Haryana, Chandigarh, and Panchkula.
- The accused allegedly routed funds through IDFC First Bank and multiple shell companies to hide the money trail.
- ED claims over ₹70 crore was transferred into Vikram Wadhwa’s personal accounts, along with large cash transactions.
- The agency continues its probe to trace the full network and identify other beneficiaries involved in the fraud.
