The Special CBI Court in Panchkula, Haryana, on Friday dismissed the bail applications of two accused, Randhir Singh and Manish Jindal, in the alleged Rs 657-crore bank scam, holding that the magnitude of the fraud, the evidence collected during investigation and the stage of the proceedings did not warrant their release.
Both accused have been named in the first chargesheet filed by the CBI.
According to the investigating agency, Randhir Singh, who was posted as Chief Controller, Finance and Accounts in the Haryana School Shiksha Pariyojna Parishad (HSSPP), played a key role in facilitating the fraudulent opening of the parishad’s account with IDFC First Bank in violation of Finance Department instructions.
The CBI alleged that Randhir Singh used his personal mobile number in the account-opening documents so that transaction alerts would be received directly by him. Despite receiving SMS alerts relating to fraudulent debit and credit transactions, he allegedly failed to take corrective action.
Investigators further claimed that an original note-sheet prepared by an accountant, Rakesh, clearly recorded that prior approval of the Finance Department was mandatory before opening the account. Randhir Singh allegedly replaced it with another note-sheet removing the requirement for such approval.
The agency also alleged that he remained in regular contact with co-accused Ribhav Rishi, described as the mastermind of the scam and former branch manager of IDFC First Bank, and Abhay Kumar, the bank’s former relationship manager.
As part of the alleged illegal gratification, the CBI claimed that Rishi sponsored a Goa trip for Randhir Singh and one of his family friends by paying Rs 2.52 lakh in cash to travel agency M/s Divine Travels Private Limited. The agency also alleged that Rishi organised and financed parties at Jade Manor hotel in Zirakpur, which Randhir Singh attended along with other accused.
According to the investigation, HSSPP’s bank account witnessed 101 fraudulent debit transactions amounting to Rs 182.93 crore and 33 fraudulent credit transactions worth Rs 132.39 crore, resulting in a net embezzlement of more than Rs 50 crore.
The CBI also alleged that Manish Jindal played a crucial role in facilitating the opening of Haryana Power Generation Corporation Limited’s account with IDFC First Bank, from which Rs 169 crore was allegedly siphoned off.
Jindal had earlier worked with HDFC Bank and later joined IndusInd Bank, where co-accused Abhay Kumar worked under him. During this period, he allegedly developed professional links with a senior Haryana Government functionary.
The CBI said records showed that Jindal exchanged 847 phone calls with Ribhav Rishi, 360 with Abhay Kumar and 38 with the senior government functionary concerned during the period when the account was opened and fraudulent withdrawals allegedly took place.
The agency further alleged that Jindal received illegal gratification in the form of two iPhone 17 Pro mobile phones, Rs 25 lakh in cash and gold. It claimed that a carrier delivered these items and that a pocket diary recovered from the carrier, along with mobile tower location records, formed part of the evidence.
Appearing for Randhir Singh, counsel MS Bitta argued that his client functioned within a defined administrative hierarchy and had no independent authority to take decisions regarding opening bank accounts or handling investments and withdrawals.
Counsel for Jindal, Amit Dudeja, submitted that his client’s role was limited to introducing a senior government functionary to a co-accused. He argued that the prosecution had withheld the identity of the functionary and that opening a bank account by itself did not amount to a criminal offence.
Opposing the bail pleas, counsel for IDFC First Bank, Sameer Sethi, contended that the material collected during the investigation formed a “consistent and compelling chain” pointing to the involvement of both accused.
After considering the submissions, the Special CBI Court held that, given the seriousness of the alleged fraud, the evidence collected and the stage of the trial, no case for grant of regular bail was made out at this stage.
