Chandigarh-based property dealer and real estate developer Vikram Wadhwa has emerged as a key player in the Rs 645 crore IDFC First Bank and AU Small Finance Bank scam, having received Rs 190 crore in proceeds of crime, according to investigations by the Enforcement Directorate (ED).ED has told a special court under the Prevention of Money Laundering Act (PMLA) in Panchkula that Wadhwa, a resident of Sector 36, Chandigarh, is one of the major beneficiaries of the embezzlement of funds from the bank accounts of government departments in Haryana and Chandigarh.According to the modus operandi, mastermind Ribhav Rishi, who was the branch manager at IDFC First Bank, and Abhay Kumar, who was the relationship manager at the bank, routed government department funds parked in bank accounts to their shell entities. Subsequently, funds from the shell entities were transferred to various third parties, including jewellers and other businesses. In the majority of cases, the cash was received from third parties in lieu of funds transferred through banking channels.How Wadhwa received moneyThe ED investigations have revealed that Wadhwa received Rs 22.88 crore from Capco Fintech Services, Rs 19.88 crore from Swastik Desh Projects, and Rs 4 crore from Mannat Contractor. All these are private entities. He also received Rs 18.61 crore from Divya Arora, wife of Ribhav Rishi, and Rs 5.37 crore from Ribhav Rishi. He received a total of Rs 70.74 crore through the banking channel.ED has told the Panchkula court that Wadhwa also received cash from Ribhav Rishi through persons employed by him. Rishi and his employees, namely Bhupinder Singh, Amritpal, Manish Kumar, and Rahul, admitted before ED to delivering cash to Wadhwa and his family members and associates.Further, Wadhwa opened a bank account in the name of his staff member, Ashok Kumar, at IDFC First Bank, Sector 32, Chandigarh. A total of Rs 4.98 crore, which was embezzled from the Municipal Corporation, Panchkula, was first transferred to the bank account of Ashok Kumar and subsequently transferred to Swastik Desh Projects to layer the proceeds of crime.Wadhwa is a partner in M/s Kinspire Reality LLP, where Rs 12 crore was invested, and M/s Martell Buildwell LLP, where Rs 11.64 crore was invested. Using the embezzled funds, Wadhwa further purchased four immovable properties for over Rs 40 crore during 2025-26, including a 2-kanal plot in Sector 33-C worth Rs 24.5 crore, a 1-kanal house in Sector 21-C, Chandigarh, worth Rs 10 crore, a 1-acre farmhouse in Amari Hills, Mullanpur, New Chandigarh, worth Rs 2.25 crore and an over 15 marla plot in Greater Punjab Society, Mullanpur, worth Rs 4 crore.Haryana govt departments’ bank accounts opened on Wadhwa’s referenceIt came in the ED investigations that bank accounts of Haryana School Shiksha Parishad (HSSPP), Haryana Power Generation Corporation Limited (HPGCL), and Haryana State Agricultural Marketing Board (HSAMB) were opened in IDFC First Bank on the reference of Wadhwa, and in these bank accounts, funds amounting to Rs 113 crore were embezzled. Haryana IAS officers are also facing investigations over the opening of bank accounts.ED told a Panchkula court that during custodial interrogation, mastermind Ribhav Rishi said that Wadhwa played a central role in the scam. For his involvement in the scam, Wadhwa received Rs 120 crore in cash, in addition to Rs 70.73 crore embezzled through banking channels, ED said.He was arrested on May 29 and produced before Special PMLA Court, Panchkula. The court granted ED a four-day custody term.