New Delhi: The Enforcement Directorate (ED) has arrested actual property businessman Vikram Wadhwa underneath the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in reference to its investigation into an alleged Rs 645 crore fraud involving accounts maintained with IDFC First Bank.
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Wadhwa was arrested on May 29 and subsequently produced earlier than a particular PMLA court docket, the company stated on Monday.
According to the ED, the case pertains to the alleged embezzlement of public funds amounting to Rs 645 crore from financial institution accounts of the Haryana authorities, the Chandigarh Union Territory administration, and two personal colleges primarily based in Chandigarh and Panchkula that have been maintained with IDFC First Bank.
The central company alleged that Wadhwa performed a key position within the fraud.
Also Read: IDFC First Bank fraud case: ED arrests 2 former workers in Rs 645 crore embezzlement probe“Wadhwa is one of the main accused who, in connivance with Ribhav Rishi, Abhay Kumar, bank officials and government officials, embezzled government funds,” the ED stated in a press release.
The cash laundering investigation stems from allegations that funds have been fraudulently siphoned from authorities and institutional accounts by means of a conspiracy involving personal people, financial institution officers and public servants.
The ED is constant its probe to hint the move of funds and establish the beneficiaries of the alleged fraud.