CHANDIGARH, Oct 29 — Denying interim relief in a high-value financial fraud case, the CBI court dismissed the bail plea of real estate businessman Vikram Wadhwa, accused of involvement in the diversion of Rs 82 crore from CREST bank accounts. Originally registered by the Chandigarh Police before being transferred to the CBI, the case involves large-scale illegal transfers of public funds deposited with IDFC FIRST Bank.
According to investigative findings presented in court, prosecution authorities maintained that Wadhwa worked in close coordination with former bank branch manager Ribhav Rishi. Analysis of telephonic records established sustained communication between the two during the period when the funds were systematically diverted through Capco Fintech Services into various subsidiary accounts.
Advocates representing Wadhwa maintained that their client was unjustly dragged into the investigation, highlighting that specific transactions involving the bank manager’s spouse were not treated similarly by investigators. The prosecution maintained that the evidence demonstrates a coordinated network designed to misappropriate institutional capital.
Upholding the prosecution’s stand, the court affirmed that individual fraudulent transactions constitute distinct legal offenses regardless of any subsequent partial fund restoration to CREST. The court ruled that the structured nature of the alleged scheme necessitates keeping the accused in custody during the trial phase.
