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MC–CREST Scam: Chandigarh Police to write to FIU India for financial trail
Transactions linked to accounts maintained with IDFC First Bank are also under scrutiny as part of the probe, sources said.
The police are also likely to approach the Income Tax Department to corroborate financial records and examine possible undisclosed assets. (File Photo)
The Chandigarh Police is now planning to formally write to the Financial Intelligence Unit-India (FIU) to trace the money trail in the multi-crore IDFC First Bank scam, sources in the know said, even as key accused Vikram Wadhwa was sent to judicial custody on Wednesday.
Wadhwa was produced before a local court after completing seven days of police remand, during which he was questioned extensively about his alleged role, financial assets and the suspected diversion of funds linked to accounts of the Municipal Corporation (MC) Chandigarh and the Chandigarh Renewal Energy and Science and Technology Promotion Society (CREST).
According to sources, police are now seeking detailed financial intelligence inputs, including suspicious transaction reports and account linkages, from FIU India. The police are also likely to approach the Income Tax Department to corroborate financial records and examine possible undisclosed assets.
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.
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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.
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