The effect of substitution of vanadium in Bi_1.6Pb_0.4Sr₂Ca₂Cu₃ O_δ ceramic at Bi and Cu sites has been investigated for the resistivity, a.c. susceptibility, XRD and a.c. magnetization studies. Enhancement in T_c for the smaller concentrations of V at either of the two sites was observed which followed an expected lattice distortion and decrease in T_c for higher V concentrations. V plays a role of substituting element more than just a sintering agent as reflected in the more rapid decrease in T_c at Cu-site and further in the magnetization values that are higher compared to the values at the Bi-site. It indicates higher magnetization scattering at the Cu site. The results were explained keeping in mind the liquid phase mechanism behind the formation of the 2223 phase and the possibility of magnetic scattering.