Chandigarh Police to Approach FIU India to Trace Money Trail in MC-CREST Bank Scam

The Chandigarh Police is set to approach the Financial Intelligence Unit-India (FIU-India) to trace the financial trail in the alleged multi-crore MC–CREST scam. The move comes as investigators intensify efforts to uncover the flow of funds linked to accounts associated with the Municipal Corporation (MC) Chandigarh and the Chandigarh Renewal Energy and Science and Technology Promotion Society (CREST).

The development follows the remand proceedings of key accused Vikram Wadhwa, who has been sent to judicial custody after completing seven days of police custody. During his remand, Wadhwa was extensively questioned regarding his alleged involvement in the case, including details about financial transactions, assets, and suspected diversion of funds tied to institutional accounts.

According to sources familiar with the investigation, the police are seeking comprehensive financial intelligence from FIU-India, including suspicious transaction reports and account linkages that could help map the movement of funds. Authorities are particularly focused on identifying patterns of financial irregularities and potential layering of transactions that may have been used to obscure the origin and destination of the money.

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Transactions linked to accounts maintained with IDFC First Bank are also under scrutiny as part of the probe. Investigators are examining whether these accounts were used to facilitate or channel funds connected to the alleged scam. The involvement of banking channels has added another layer of complexity to the investigation, requiring coordination with financial institutions and regulatory bodies.

In addition to FIU-India, the Chandigarh Police is likely to approach the Income Tax Department to verify financial records and assess the possibility of undisclosed assets. Officials aim to corroborate evidence gathered during interrogation with official financial data to build a stronger case and identify any discrepancies in declared income and assets.

The probe into the MC–CREST scam is ongoing, with authorities working to piece together the financial network behind the alleged irregularities. As investigative agencies collaborate to track the money trail, further developments are expected in the coming days, particularly regarding additional suspects, financial linkages, and potential recovery of misappropriated funds.

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