Real Estate Tycoon Nabbed for Siphoning Govt Funds via Shell Companies
Chandigarh, March 15, 2026 — The Chandigarh Police Crime Branch has apprehended 52-year-old Vikram Wadhwa, the alleged key conspirator behind a staggering multi-crore financial scam that has rocked several government departments across Haryana and Chandigarh.
Wadhwa, a prominent hotelier and real estate developer who had been absconding since the scandal broke on February 22, 2026, was tracked down and arrested at a hideout in Kharar, Mohali, on Saturday.
The Scale of the Scam
According to police and anti-corruption officials, Wadhwa orchestrated a massive embezzlement network that siphoned off public funds meant to be parked as fixed deposits at IDFC First Bank’s Sector 32 branch in Chandigarh.
Shell Companies and Bogus Gold Invoices
Investigators have revealed a highly sophisticated money-laundering operation. Wadhwa and his associates, including former bank employees, allegedly moved the public funds through 12 compromised accounts using forged bank statements and debit memos.
To layer the siphoned money, Wadhwa utilized multiple shell entities. A private firm named Swastik Desh Projects Pvt Ltd was reportedly used to route nearly ₹100 crore to jewelry businesses using bogus invoices, creating a fake paper trail of gold purchases. Ultimately, the funds were diverted into real estate firms directly linked to Wadhwa, such as Prisma Residency LLP and Kinspire Realty LLP, financing massive residential and commercial projects in the tricity area.
A ‘Rags-to-Riches’ Story Gone Wrong
Wadhwa’s arrest marks a stunning fall from grace. Originally from Malout, he moved to Chandigarh in the 1990s, starting his career as a simple guest house caretaker earning a meager salary of ₹1,500 per month. Over the decades, he cultivated immense political and bureaucratic connections, building a sprawling real estate empire before his financial web unraveled.
The Directorate of Enforcement (ED) has already jumped into the probe, searching 19 locations across Chandigarh, Mohali, Panchkula, Gurgaon, and Bengaluru this past week. The agency has frozen over 90 bank accounts linked to the scam, while Chandigarh Police recently recovered a Range Rover belonging to Wadhwa from a site in Kansal.
Police will now produce him in court to seek further remand, aiming to trace the complete money trail across more than 2,400 illicit transactions.
