A massive alleged bank fraud involving nearly ₹590 crore of Haryana government funds has taken a significant turn after the Central Bureau of Investigation (CBI) filed its second chargesheet, detailing an alleged conspiracy involving bank officials, government employees and private entities. According to the agency, fake government bank accounts, forged financial documents, manipulated account credentials and shell companies were allegedly used to divert public money from multiple government departments over an extended period. The latest chargesheet names 15 accused and provides a detailed account of the alleged modus operandi used to siphon government funds.
According to the CBI, the chargesheet has been filed before a Special CBI Court in Panchkula and includes former IDFC First Bank branch manager Ribhav Rishi, senior relationship manager Abhay Kumar, bank authoriser Seema Dhiman, several government officials and directors of private companies allegedly involved in laundering the diverted funds. This is the second chargesheet in the case, following the agency’s first filing in June, and investigators say the probe is continuing to identify additional beneficiaries and conspirators.
The investigating agency alleges that the fraud affected several Haryana government departments. As per the chargesheet, the Haryana School Education Project Council allegedly suffered losses of around ₹182.9 crore through 101 debit transactions. The Haryana State Pollution Control Board allegedly lost approximately ₹192.5 crore, while the Municipal Corporation, Panchkula allegedly witnessed unauthorized withdrawals of nearly ₹100 crore through 22 transactions. The Panchayat Department (MMGYA 2.0) allegedly lost around ₹89.2 crore, while funds belonging to Haryana Power Generation Corporation Limited (HPGCL) and other government bodies also formed part of the alleged fraud.
Investigators allege that fake bank accounts were opened in the names of government departments at IDFC First Bank and AU Small Finance Bank by bypassing mandatory Know Your Customer (KYC) norms and verification procedures. These accounts were allegedly used to divert public funds without the knowledge of the concerned departments.
According to the CBI, forged cheques, fabricated debit notes and fake signatures were allegedly used to authorize fund transfers. In certain instances, payments were reportedly processed without valid cheques, while one cheque was allegedly cleared despite discrepancies between the amount written in words and the amount mentioned in figures. Investigators believe these irregularities indicate serious procedural violations and possible internal collusion.
The chargesheet further alleges that the accused manipulated mobile phone numbers and email IDs linked to official government bank accounts. By replacing the genuine contact details with those under their control, investigators claim the accused prevented government departments from receiving transaction alerts, account statements and other banking notifications, allowing the fraudulent withdrawals to remain undetected for a considerable period.
The CBI has also alleged that after withdrawing money from government accounts, the funds were routed through banks’ General Ledger (GL) accounts before being layered through multiple shell companies to conceal the financial trail. Among the entities mentioned in the chargesheet are Swastik Desh Projects and SRR Planning Gurus Pvt. Ltd., which investigators allege were used to disguise the movement of funds before they reached the alleged beneficiaries.
Another significant allegation in the chargesheet relates to the alleged role of the principal accused, Ribhav Rishi. According to investigators, he allegedly sponsored foreign trips for several government officials who have since been named during the investigation. The CBI has already arrested three IAS officers along with several Class-II government officials in connection with the alleged conspiracy, while further investigation is underway to establish individual roles and financial gains.
Digital forensic analysis has also emerged as a key component of the investigation. According to the agency, forensic examination of seized laptops, mobile phones and hard drives allegedly recovered deleted transaction records, emails and electronic documents that investigators claim support the prosecution’s case. These digital records are expected to play a crucial role in establishing the sequence of transactions and communication among the accused.
The CBI maintains that the alleged fraud could not have been executed without active collusion among certain bank officials, government employees and private individuals. Investigators are continuing to examine financial records, electronic evidence, banking procedures and corporate entities to determine the complete money trail and identify any additional persons involved in the alleged conspiracy.
According to Future Crime Research Foundation, large-scale financial frauds involving government funds often exploit weaknesses in banking controls, identity verification and internal authorization mechanisms. The foundation says strong KYC compliance, multi-level transaction approvals, independent audits, continuous monitoring of government accounts and regular cybersecurity assessments are essential to detect suspicious financial activity at an early stage and prevent similar frauds involving public funds.
