Chandigarh, March 18: A significant breakthrough in the ongoing ₹590-crore fraud investigation, the Chandigarh Police have traced seven high-value properties linked to developer Vikram Wadhwa. The Crime Branch declared that these assets, located in Chandigarh and surrounding areas, are likely to be confiscated as part of the recovery process. Officials affirmed that Wadhwa, arrested last Saturday, is the central figure in a conspiracy that targeted funds from Haryana government departments and local bodies like the Chandigarh Municipal Corporation.
Vikram Wadhwa declared during interrogation that his associate, Ribhav Rishi, orchestrated the movement of government money into private accounts. He asserted that the funds were first transferred to the accounts of specific companies before being moved into his own ventures for real estate investment. The developer maintained that he was led to believe the arrangement was a viable way to secure large sums for his projects without the burden of interest.
Law enforcement agencies stated that the identification of these assets is a crucial step in reversing the financial damage caused to the public exchequer. They affirmed that the ongoing search is focused on uncovering more linked entities and fixed assets that may have been hidden. The police maintained that the interrogation of Wadhwa is providing vital leads into how government accounts were monitored and exploited, with further arrests expected as the money trail becomes clearer.
