MC–CREST Scam: Chandigarh Police to write to FIU India for financial trail

Sources said that during interrogation, Wadhwa disclosed that searches had been conducted by the Income Tax Department at his office in January this year. While the details of those searches are being independently verified, the disclosure has prompted police SIT (Special Investigation Team) to widen the scope of the financial probe.

Police sources said the focus of the investigation is to establish the end-to-end money trail, identify beneficiaries, and examine whether funds were routed through multiple accounts or entities.

Transactions linked to accounts maintained with IDFC First Bank are also under scrutiny as part of the probe, sources said.

An SIT constituted in the case is expected to summon Wadhwa’s close aides, family members and other associates in the coming days. Statements of bank officials and intermediaries may also be recorded to ascertain any lapses or alleged complicity.

The case relates to alleged financial irregularities involving government-linked accounts of MC Chandigarh and CREST, where funds are suspected to have been siphoned off through a network of accounts. Preliminary findings had indicated possible use of multiple accounts and routing mechanisms that raised red flags within the banking system.

Police officials maintained that the probe is ongoing and all findings are subject to verification as the investigation progresses.