ED arrests Vikram Wadhwa in ₹645cr IDFC First Bank embezzlement
The Enforcement Directorate (ED) just arrested Vikram Wadhwa, a real estate businessman, for allegedly helping launder funds in the ₹645 crore embezzlement case.
The case centers on funds siphoned from government and school accounts held at IDFC First Bank.
Wadhwa is accused of pocketing over ₹70 crore and actively hiding the dirty money.
Wadhwa routed funds through shell firms
Wadhwa teamed up with others, including bank staff and government officials, to reroute public funds using shell companies like Capco Fintech Services.
The money was layered through multiple accounts, then sent to jewelers who handed back cash. Some of these funds ended up invested in properties.
Two co-accused were arrested on May 11, while ED is still tracking down everyone involved and following the full money trail.