The CBI investigation into the Rs 645-crore IDFC First Bank and AU Small Finance Bank scam has uncovered how a missing cheque leaf — cheque No. 21 — became central to the alleged fraudulent transfer of Rs 25 crore from the Haryana Power Generation Corporation Limited (HPGCL) Pension Fund Trust account to a shell entity, Swastik Desh Projects.
According to the probe, the HPGCL Pension Fund Trust account was opened at AU Small Finance Bank’s Ludhiana branch on June 2, 2025, and was later shifted to Panchkula’s Sector 8 branch. The proposal for opening the savings account was moved on May 21, 2025, by Divisional Accountant Jaibir Singh.
Investigators found that the mobile number linked to the account belonged to Accounts Officer Balwant Singh. A cheque book was issued at the time of opening the account, while another cheque book was issued after the account was shifted to Panchkula. Of the original 25 cheque leaves, only the first 10 had been used before the new cheque book was issued in December 2025.
The CBI has revealed that on December 29, 2025, an unauthorised transfer of Rs 25 crore was made from the HPGCL account to Swastik Desh Projects through cheque No. 21.
During the investigation, cheque No. 21 was found missing from the old cheque book. The cheque book was in the custody of Divisional Accountant Jaibir Singh and was kept in an almirah at Panchkula. The key to the almirah was available with Jaibir Singh and Balwant Singh.
As per the CBI’s submissions before a Panchkula court, Balwant Singh had asked Jaibir Singh in December 2025 to bring the old cheque book as it was to be shown to Director Finance Amit Dewan, who was sitting with Ribhav Rishi on the third floor of the office. The agency has identified Rishi as the mastermind of the scam. Investigators said he initiated the fraud while serving as branch manager of IDFC First Bank and continued it after joining AU Small Finance Bank.
The CBI alleged that Rishi took cheque No. 21 from the old cheque book. During questioning, Charanpreet Randhawa, then branch manager of AU Small Finance Bank’s Mohali branch, told investigators that Abhay Kumar, a close associate of Rishi and a bank official, handed over cheque No. 21 bearing the authorised signatory’s signature. Randhawa said he filled the cheque and asked Kumar to confirm the transaction over phone with Balwant Singh.
The investigation has also brought to light a recorded WhatsApp call made by Balwant Singh to Amit Dewan on February 21, 2026. The conversation was recorded on Jaibir Singh’s phone after Balwant Singh placed the call on speaker mode.
According to the CBI, Balwant Singh feared that Dewan might later deny or disown his role in providing the AU Small Finance Bank cheque to Rishi. In the recorded conversation, Balwant Singh repeatedly requested Dewan to ensure the return of the cheque. The audio file was subsequently stored on a pen drive and handed over to the CBI. Investigators consider it a crucial piece of evidence against Dewan.
Balwant Singh died by suicide on May 4, 2026, after jumping from the eighth floor of the Civil Secretariat in Chandigarh. In his suicide note, he stated that Dewan had taken possession of the cheque and handed it over to Rishi, who later used it for the unauthorised withdrawal of Rs 25 crore from the HPGCL account.
He further wrote that after learning about the fraudulent withdrawal through cheque No. 21, he immediately informed Dewan, who repeatedly assured him that the money would be returned. When that did not happen, Balwant Singh suggested filing a police complaint. He alleged that Dewan continued to assure him of the money’s return and later threatened to suspend him when he proposed moving an official note on the matter.
The CBI has argued that the suicide note constitutes a statement made by a person conscious of his impending death and therefore satisfies the conditions for admissibility as a dying declaration. On Wednesday, a Panchkula court dismissed the bail application of Amit Dewan.
