The Economic Offences Wing (EOW) of the Chandigarh Police arrested businessman Vikram Wadhwa, a key accused in the Rs 590-crore IDFC First Bank fraud in Haryana and ₹200-crore financial irregularities in Chandigarh, from Kharar on Saturday.He was arrested in the cases registered on the complaints of the Chandigarh Municipal Corporation and Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST) for fraud of over Rs 200 crore. Wadhwa was produced before the court of Judicial Magistrate Kaushal Kumar Yadav, who remanded him in police custody for five days.The MC, in its complaint to the police, suspected encashment of fixed deposit receipts (FDRs) of over Rs 116 crore, which were prepared from the amount shifted at the time of closure of Chandigarh Smart City Limited (CSCL). CREST has also filed complaint regarding suspicious transaction of over Rs 75 crore.Wadhwa’s arrest comes a day after a local court allowed a plea of the Chandigarh Police for bringing three other accused Ribhav Rishi, Abhay Kumar and Seema Dhiman to Chandigarh from Ambala jail on production warrant.Sources said Wadhwa was close to bank employees allegedly involved in the case and he allegedly played a major role in siphoning off the scam amount to various companies, builders, jewellers and other individuals. The Enforcement Directorate (ED) also conducted searches at the properties belonging to Wadhwa recently.