ED attaches Rs 151.33 crore assets across Chandigarh, 6 Punjab cities in Rs 645 crore fraud case
Ravi Jakhu
Chandigarh, August 4, 2026: The Enforcement Directorate (ED), Chandigarh, has provisionally attached movable and immovable assets worth ₹151.33 crore across Chandigarh, Mohali, Ludhiana, Jalandhar, Amritsar, Patiala and Bathinda in connection with an alleged ₹645-crore government funds fraud and money-laundering case.
The action was taken under the Prevention of Money Laundering Act (PMLA), 2002. The attached assets include residential, commercial and industrial properties, agricultural land, interests in real estate projects, partnership rights, bank balances, fixed deposits and other movable and immovable properties.
The ED has also filed a prosecution complaint before the Special PMLA Court against 14 accused individuals and entities. During the investigation, the agency arrested four accused — Rishav Rishi, Akshay Kumar, Vikram Wadhwa and Naresh Kumar alias Naresh Bhawani.
According to the ED, the investigation was initiated on the basis of multiple FIRs registered by the Haryana Anti-Corruption Bureau, the Economic Offences Wing of Chandigarh Police and the Central Bureau of Investigation.
The cases relate to the alleged fraudulent diversion of government funds from bank accounts linked to several government departments, public bodies and private schools.
The ED alleged that around ₹645 crore was diverted through a complex network of shell companies and financial transactions. The funds were allegedly routed through multiple accounts and subsequently invested in high-value properties and other assets.
The agency said the alleged fraud involved the use of forged fixed deposit receipts, fake RTGS and NEFT request letters, fabricated debit notes, forged bank communications, false bank statements and manipulated banking records.
The proceeds were allegedly transferred to several shell entities, including Capco Fintech Services, Swastik Desh Projects, RS Traders, SRR Planning Group Private Limited and Maa Vaishno Lakshmi Interiors.
According to the ED, the funds were subsequently routed through multiple bank accounts and invested in residential and commercial properties, real estate projects, jewellery businesses, retail establishments and other assets.
The agency said Chandigarh-based real estate developer Vikram Wadhwa was among the major beneficiaries of the alleged proceeds of crime. A significant portion of the attached assets is linked to Wadhwa, his family members, associates and related real estate entities.
The ED said the investigation is continuing to identify other beneficiaries, trace the complete money trail and examine the alleged involvement of public servants and other individuals.