The Economic Offences Wing (EOW) of Chandigarh Police has achieved its first major success in IDFC First Bank fraud cases registered on the complaints of Chandigarh Municipal Corporation and Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST).The police have arrested businessman Vikram Wadhwa in the cases registered on the complaint of Municipal Corporation and CREST for a fraud of over Rs 200 crore.The Municipal Corporation, in the complaint filed before the police, suspected encashment of FDRs over Rs 116 crore which were prepared from the amount shifted at the time of closure of Chandigarh Smart City Limited (CSCL).CREST had also filed a complaint for investigation regarding suspicious transaction for an amount of over Rs 75 crore.Wadhwa‘s name also figured in the scam of over Rs 590 crore that came to light in Haryana.The Haryana Police were also on a lookout for him.With the arrest, the police are expecting to uncover details of the scam which rocked both Chandigarh and Haryana.Wadhwa’s arrest has been made a day after  the Chandigarh Police got the nod of the court for bringing three other accused on the production  warrant. A local court allowed a plea of Chandigarh Police for brining three accused Ribhav Rishi, Abhay Kumar and Seema Dhiman to Chandigarh from the Ambala jail on production.After similar scam came to the light in Haryana in the IDFC First Bank,  MCC officials approached IDFC First Bank, Sector-32, Chandigarh, requesting encashment of FDRs over Rs 116 crore which were prepared from the amount shifted at the time of closure of Chandigarh Smart City Limited (CSCL).  The CSCL was closed in March 2025 and the assets, records and financial matters were transferred to the Municipal Corporation, Chandigarh. The CSCL had maintained multiple bank accounts in IDFC First Bank for its operational transactions. The bank informed the civic body last month that the FDRs were not appearing in the IDFC bank system and were stated to be fake.These FDRs were reportedly issued by Rishab Rishi, the then Bank Manager of IDFC First Bank, Sector-32 Branch, Chandigarh, during March/April 2025.  The internal inquiry also revealed that Anubhav Mishra, who was working as accountant on an outsource basis, was the custodian of the FDRs. He has also been missing for a long time.Sources said that Wadhwa was close to bank employees allegedly involved in the case. Sources in the MC said that with the arrest, the police would be able to ascertain the money trail. The police suspect that the whole scam amount diverted to various companies multiple times and Wadhwa has played  a major role in it.The amount is diverted to many builders, jewellers  and other individuals. Police suspect that Wadhwa  played a major role in diverting the money.  The Enforcement Directorate (ED) had also conducted searches at properties belonging Wadhwa recently.