The Central Bureau of Investigation has filed a chargesheet against six Indian Administrative Service officers in connection with an alleged 504 crore rupee bank scam involving various departments and institutions of the Haryana government. According to the federal agency, the bureaucrats conspired with bank executives and other intermediaries to channel public funds into private banks. Investigators stated that the officers bypassed established norms for bank selection, flouted fixed deposit guidelines, disregarded financial caps set by the Finance Department, concealed evidence, and accepted undue benefits. The chargesheet names Saket Kumar, Ram Kumar Singh, Pankaj Agarwal, Pradeep Kumar, Vineet Garg, and Mohammad Shain as accused in the institutional investment irregularities.
Cash Payoffs, Hawala Transfers, and Gold Deliveries
The chargesheet outlines substantial personal benefits allegedly directed to senior administrators in exchange for favorable banking decisions. Ram Kumar Singh, the former Commissioner of the Panchkula Municipal Corporation, is accused of receiving 50 lakh rupees in cash at his residence on January 11, 2026. Investigators further allege that 2 crore rupees was transferred to his son, Prashant Singh, in Delhi through hawala networks across three instalments between January and late January.
The agency also documented the delivery of valuable items to other administrators. Former Haryana State Pollution Control Board Chairman Vineet Garg allegedly received two gold coins weighing 50 grams each ahead of Diwali through former IDFC Bank executive Ribhav Rishi. For Pankaj Agarwal, investigators allege that Rishi coordinated private hotel parties featuring dance performances, which the agency is treating as improper gratifications linked to official financial authorizations.
Multi-Crore Fund Diversions and Pre-Mature Liquidations
The probe details large-scale reallocations of state funds across Haryana departments that favored specific private lenders. Saket Kumar, during his tenure as Commissioner and Secretary of the Development and Panchayats Department while holding additional charge as Managing Director of the Haryana Power Generation Corporation Limited, allegedly directed the withdrawal of 25 crore rupees from the corporation pension fund trust to deposit it with IDFC Bank on Rishi’s recommendation.
Another major transaction involved Mohammad Shain, former Managing Director and Chairman of HPGCL, who is accused of orchestrating the premature liquidation of a fixed deposit worth approximately 108.46 crore rupees held with IndusInd Bank in November 2024. Half of that capital, amounting to 50 crore rupees, was immediately shifted to IDFC First Bank, a maneuver that the agency calculated resulted in an interest loss of 1.66 crore rupees to the power corporation.
Massive Financial Losses to State Boards
The chargesheet points to systemic non-compliance with investment regulations that caused heavy fiscal damage to Haryana government institutions. Pradeep Kumar faces charges over manipulated interest rates related to investments authorized during his time at the Haryana Pollution Control Board. The CBI estimated that these deliberate procedural deviations resulted in an overall loss of approximately 159.86 crore rupees to the board.
The agency established that the accused officers systematically circumvented statutory finance controls to accommodate private banking interests while shielding illicit transactions. The chargesheet marks the formal conclusion of the investigative phase regarding these institutional transfers. The allegations will proceed to trial, where the CBI will be required to substantiate the evidentiary links and financial transactions before the designated court.
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