Chandigarh: A special CBI court on Friday rejected the first regular bail application of Chandigarh-based realtor Vikram Wadhwa in the alleged Rs 504-crore Haryana govt funds fraud involving IDFC First Bank and AU Small Finance Bank. The court observed that he was a key conduit for siphoned money and a direct beneficiary of a substantial part of the proceeds of the crime.Special Judge Vijayant Sehgal held that the material collected by the CBI prima facie indicated Wadhwa’s involvement in the alleged conspiracy. The court noted that he allegedly received Rs 37.82 crore of the misappropriated funds, including Rs 4.57 crore in cash delivered through couriers and around Rs 33.25 crore through the bank accounts of shell entities.The order stated that Wadhwa exchanged 132 calls with the prime accused, Ribhav Rishi, between June 2024 and January 2026. The prosecution alleged that Wadhwa used his connections with senior govt officials to facilitate favours for Rishi, including opening bank accounts, transferring govt funds and removing a Rs 50-crore limit imposed on IDFC First Bank.The court also noted the alleged investment of siphoned funds in five immovable properties worth about Rs 55 crore. It referred to cash deliveries made by couriers, WhatsApp conversations with co-accused Charanjit Singh Randhawa, and a note recovered from accused Abhay Kumar’s phone that carried Wadhwa’s name alongside corresponding amounts.Rejecting his plea for bail on parity with co-accused Amit Dewan, the court said Wadhwa’s alleged role was distinct, particularly in layering and converting a major chunk of the diverted money. It also noted that the court had dismissed his bail plea in a separate CREST funds case and that he was facing another case regarding an alleged escape attempt from custody.The defence argued that Wadhwa was a businessman with no official control over govt funds and that his transactions with Rishi were commercial dealings. The court said these issues could be examined during the trial. It clarified that its observations would not influence the trial.Wider investigation and arrestsThe CBI reported 26 arrests and 37 charge-sheeted accused by Sept 2, when it filed its third chargesheet against 19 more people. These are separate figures and should not be conflated.
