The arrest of city-based businessman Vikram Wadhwa by the Economic Offences Wing of the Chandigarh Police has brought fresh attention to one of the largest financial fraud investigations currently unfolding in northern India.Related news After Haryana, Rs 116-cr IDFC fraud comes to fore in Chandigarh MCIDFC First Bank fraud: Businessman Wadhwa invested fraud funds in real estate projectsIDFC Bank again, Rs 75-crore fraud in CREST accountsWadhwa, a hotelier and real estate developer, is being probed for his alleged role in a complex network of transactions linked to the diversion of public funds through accounts at IDFC First Bank.Originally from Malout in Punjab, Wadhwa moved to Chandigarh in the 1990s, where he reportedly began working as a caretaker at a guest house with a modest monthly salary of about Rs 1,500.Over the years, he expanded into the hospitality and property sectors, eventually building a sizeable real estate business and becoming a known figure in local business circles. Investigators say his business ventures grew rapidly across the Chandigarh region, with property investments and hospitality projects spread across the Tricity area.Police said Wadhwa had been evading arrest since the alleged fraud surfaced on February 22, 2026. A crime branch team tracked his movements across the Tricity before locating him at a hideout in Kharar, Mohali, where he was apprehended by officers led by Inspector (Crime Branch) Satwinder Singh.Investigators have also recovered a luxury Range Rover believed to be linked to Wadhwa from a location in Kansal during the probe. Authorities suspect the vehicle may be among assets acquired using funds connected to the alleged fraud. According to investigators, the scam surfaced after financial discrepancies were detected in deposits linked to government bodies and civic institutions in Haryana.According to findings of the Haryana State Vigilance and Anti-Corruption Bureau, nearly Rs 590 crore is suspected to have been misappropriated from bank accounts linked to at least eight departments of the Haryana government, including the Development and Panchayats Department and the Haryana State Pollution Control Board.The money was originally meant to be placed as fixed deposits at the Sector-32 branch of IDFC First Bank in Chandigarh, but investigators believe it was instead routed out through nearly a dozen compromised bank accounts. Later, the case exposed irregularities involving accounts associated with the Chandigarh Municipal Corporation, the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), and the now-defunct Chandigarh Smart City Limited.One such FIR is related to fixed deposit receipts worth about Rs 116 crore that were recorded in official accounts but could not be traced in the bank’s system. The probe has widened beyond Haryana and is rooted in the entire tricity, with funds transferred into accounts in Chandigarh, Panchkula, and Mohali.In a related development, investigators have also uncovered a suspected fraud of nearly Rs 75 crore linked to deposits maintained at the Sector-32 branch of IDFC First Bank in Chandigarh. The discrepancy surfaced during the scrutiny of financial records when certain fixed deposit receipts could not be reconciled with the bank’s official data.Authorities believe the money trail spans more than 2,400 transactions routed through shell companies and private accounts. Some funds are suspected to have been channelled into real estate ventures and other investments linked to individuals involved in the conspiracy.The investigation has also drawn the attention of the Enforcement Directorate, which conducted searches at multiple locations across Chandigarh, Mohali, Panchkula, and other cities and froze over 90 bank accounts suspected to be linked to the fraud network. Police have produced Wadhwa before a local court and sought custodial remand to interrogate him further and trace the full financial trail.Investigators are examining banking records, shell companies, and property transactions to determine the extent of the alleged conspiracy and identify other individuals involved in what authorities describe as a large-scale public funds fraud.