The Haryana government has dismissed Amit Dewan, former Director (Finance) of Haryana Power Generation Corporation Limited (HPGCL), for his alleged role in the Rs 590-crore bank scam linked to IDFC First Bank and AU Small Finance Bank.
According to officials, Dewan allegedly opened bank accounts in collusion with the mastermind of the fraud and received illegal gratification worth Rs 50 lakh. The scam involves multiple bank accounts belonging to various Haryana government departments.
Dewan is the fourth officer dismissed in connection with the case. Earlier, on April 30, Rajesh Sangwan, Controller (Finance and Accounts) of the Haryana State Agricultural Marketing Board (HSAMB), was dismissed over a Rs 10-crore fraud linked to the same banks. Investigators alleged he remained in constant contact with co-accused and played a key role in opening the IDFC First Bank account.
On April 23, Superintendent Naresh Kumar of the Development and Panchayats Department was dismissed for allegedly receiving Rs 6.55 crore and a Toyota Fortuner from the accused. He was also accused of purchasing a house in Mohali in his wife’s name using illegal funds. A day later, Chief Accounts Officer Randhir Singh from the Education Department was dismissed for a Rs 54-crore fraud case. He allegedly accepted bribes in the form of cash and other favours, including flight tickets for a family trip from Chandigarh to Goa.
All four officials were dismissed without conducting departmental inquiries.
The State Vigilance and Anti-Corruption Bureau (SV&ACB) apprehended Dewan on March 18, after which he was placed under suspension. He had been serving on deputation with HPGCL since 2023. Following his suspension, he was repatriated to Uttar Haryana Bijli Vitran Nigam (UHBVN) as Chief Financial Officer.
According to the dismissal order dated May 1, HPGCL opened an account titled HPGCL Dry Fly Ash Fund at IDFC First Bank, Sector 32, Chandigarh, on February 27, 2024. An amount of Rs 50 crore was credited to the account on November 11, 2024.
Investigators alleged that Dewan forwarded the proposal to open the account without inviting quotations from empanelled banks and without complying with Finance Department guidelines issued on March 13, 2018.
At the time of opening the account, IDFC First Bank was not empanelled with the Haryana government. The bank was empanelled only later, on July 12, 2024.
The account was opened as a savings account and was supposed to be converted into a fixed deposit as per a departmental letter issued on March 28, 2025.
The dismissal order stated that the fixed deposit receipt (FDR) issued was forged and the bank statement did not show any entry related to creation of the FD. Fraudulent transactions allegedly began from March 20, 2025. A total of 32 transactions were recorded till March 9, 2026, including interest entries, out of which eight transactions were allegedly carried out without authorisation from the Energy Department.
HPGCL also opened another account, HPGCL Pension Fund Trust, at AU Small Finance Bank, Ludhiana, later shifted to Sector 8, Panchkula, on June 2, 2025. The dismissal order stated that the account opening was approved by Dewan. The account had five authorised signatories, and any two could jointly operate it.
Investigators said interrogation of the alleged mastermind, Ribhav Rishi, then branch manager of IDFC First Bank and later AU Small Finance Bank, along with co-accused Abhay Kumar revealed that multiple accounts were opened as part of a conspiracy to siphon off government funds.
The vigilance probe further found that Dewan allegedly received substantial illegal gratification. On some occasions, he reportedly accepted money directly from the accused, while at other times payments were routed through employees hired by Rishi. Investigators said the allegations were supported by seized material and witness statements.
Call detail records also showed that Dewan remained in regular contact with key accused during the period of the offence. The order noted that he allegedly received Rs 50 lakh as illegal gratification on January 6, 2026.
The dismissal order stated that since the case is under investigation by the Central Bureau of Investigation (CBI), conducting a parallel departmental inquiry could interfere with the probe. Authorities said such proceedings might lead to premature disclosure of evidence and allow the accused to influence facts or coordinate with other suspects.
Dewan was dismissed by invoking provisions under Clause 7(A) of the Uttar Haryana Bijli Vitran Nigam Employees (Punishment and Appeal) Regulations, 2018. The State Vigilance and Anti-Corruption Bureau registered the FIR in the case on February 23. Later, on April 8, the CBI also filed a case and took over further investigation.
Officials described the scam as a large-scale, multi-layered financial fraud involving manipulation of official procedures, fraudulent banking operations and fictitious transactions aimed at siphoning off Haryana government funds into shell entities and accounts controlled by the accused.
Also read: Rs 200-cr IDFC bank fraud: Chandigarh admn seeks CBI inquiry
Follow us
