Chandigarh The Central Bureau of Investigation (CBI) has named 19 additional accused, including six IAS officers, in its supplementary chargesheet in the IDFC First Bank fraud case involving Haryana government funds. The agency has accused 2000-batch IAS officer Pankaj Agarwal of alleged irregularities, violation of financial rules and extending undue benefits to private parties in decisions involving bank accounts of the Haryana School Shiksha Pariyojana Parishad (HSSPP) and Haryana State Agricultural Marketing Board (HSAMB).
According to the CBI, a key development in the case occurred in December 2024 when IDFC First Bank’s Sector 32 branch in Chandigarh sent a proposal to open a new account for HSSPP. Agarwal was then serving as Commissioner and Secretary in the School Education Department. The agency said that the proposal was discussed at his office on December 31. The Finance and Accounts Controller allegedly informed the meeting that under government rules, keeping more than ₹50 crore in such an account required approval from the Finance Department.
The CBI alleges that despite being informed about the rule, Agarwal insisted on depositing ₹100 crore. A fresh note sheet was subsequently prepared proposing the opening of an account with IDFC First Bank and transfer of ₹100 crore into it. The agency claims that the original note sheet mentioned the need for Finance Department approval but was later altered. Government e-file records and documents recovered during the investigation have been cited by the CBI as evidence supporting this allegation.
On January 4, 2025, HSSPP opened a new account with IDFC First Bank. Four days later, on January 8, ₹100 crore was transferred from its government account with Kotak Mahindra Bank in three instalments of ₹40 crore, ₹40 crore and ₹20 crore. According to the CBI, the first alleged fraudulent payment from the account was made on the same day. The subsequent investigation allegedly found transfers to various entities, along with attempts to return some funds to the account to maintain sufficient balance.
The agency has estimated the alleged net loss suffered by HSSPP at ₹50.54 crore. Including interest, the amount is estimated at around ₹53.86 crore. However, the CBI has also stated that it did not find any document bearing Agarwal’s signature in connection with the alleged fraudulent withdrawals. According to the agency, the withdrawals were made through RTGS letters and debit notes, while the authorised signatories denied signing the documents.
The HSAMB account is another key part of the investigation. After Agarwal moved to the Agriculture Department in June 2025, the earlier IDFC First Bank proposal was revived. According to the CBI, on July 1, Agarwal sent the name and mobile number of bank official Ribhav Rishi to the board’s Finance and Accounts Controller through WhatsApp. Communication between bank and board officials followed, and a new account was opened at the bank’s Sector 32 Chandigarh branch on July 10.
The CBI said HSAMB already had 11 savings accounts holding around ₹281.94 crore. Despite this, the need for another account was allegedly not adequately recorded and Finance Department approval was not obtained. The agency also questioned why the account was opened in Chandigarh despite the bank having a branch in Panchkula.
On January 14, 2026, ₹10 crore was allegedly withdrawn from the HSAMB account through a fraudulent cheque. According to the CBI, the cheque had already been cancelled and replaced with another cheque. The money was allegedly transferred to two entities. After board officials detected the irregularity, they sought recovery from the bank. On February 23, the bank returned ₹10 crore along with more than ₹7.28 lakh in interest.
The chargesheet also contains allegations relating to private meetings and parties involving bank officials and other accused persons. The CBI has alleged that Agarwal used his position to facilitate benefits to certain individuals and received undue advantages. The agency has invoked provisions of the Prevention of Corruption Act and various sections of the Bharatiya Nyaya Sanhita.
Agarwal was arrested on June 22, 2026, and was sent to judicial custody on June 25. His lawyer had earlier rejected the allegations as baseless and maintained that Agarwal was innocent. The defence also pointed out that no incriminating recovery was allegedly made from him during searches.
The allegations in the CBI chargesheet are the agency’s claims and have not been established as guilt. Pankaj Agarwal has not been convicted, and the allegations will ultimately be tested by the court on the basis of evidence and proceedings.
