New Delhi, June 1 -- The Enforcement Directorate (ED) has arrested real estate businessman Vikram Wadhwa under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with an ongoing investigation into IDFC Bank fraud, the agency said on Monday.

As per the agency, Wadhwa was arrested on May 29 in connection with the agency's ongoing investigation into the embezzlement of public funds amounting to Rs 645 crore from the bank accounts of the Haryana government, the Chandigarh Union Territory administration, and two private schools based in Chandigarh and Panchkula maintained with IDFC First Bank.

ED accused Wadhwa as one of the main accused who, in connivance with Ribhav Rishi, Abhay Kumar, bank officials and g...