IDFC First Bank fraud case: CBI nabs data operator for causing ₹169-crore loss to HSPCB

Sharma, a Dera Bassi resident working in the HSPCB accounts section, allegedly collaborated with private individuals and bank officials to illegally route government money into private accounts, resulting in a loss of ₹169 crore to the HSPCB

The Central Bureau of Investigation (CBI) arrested Saurav Sharma, a data entry operator with the Haryana State Pollution Control Board (HSPCB), in connection with the ₹645-crore IDFC First Bank fraud case involving the siphoning off of Haryana government funds. He was produced by the CBI in a Panchkula court on Wednesday and sent to four day remand.

The CBI argued that it had become necessary to confront the accused with documentary and digital evidence, bank records and transaction trails collected during the investigation. (HT Photo)

Sharma, a Dera Bassi resident working in the HSPCB accounts section, allegedly collaborated with private individuals and bank officials to illegally route government money into private accounts, resulting in a loss of ₹169 crore to the HSPCB.

Seeking his custodial remand, the CBI told the court that Sharma facilitated the opening of an account in IDFC First Bank despite being aware of the finance department’s guidelines. During questioning, he allegedly remained non-cooperative. The CBI claimed that analysis of his mobile phone revealed that incriminating chats and call logs had been deleted, and he failed to provide any explanation or assistance in retrieving the data.

The CBI argued that it had become necessary to confront the accused with documentary and digital evidence, bank records and transaction trails collected during the investigation. According to the agency, Sharma maintained regular and unauthorised communication with representatives of private banks and had access to confidential information relating to investment proposals, maturity schedules of funds, interest rates quoted by competing banks and the movement of official files.

Further, the CBI said the custodial interrogation was necessary to ascertain the role of other individuals and entities who participated in, facilitated or benefited from the fraud. The agency alleged that although Sharma was aware of the investment ceiling of ₹50 crore prescribed under finance department guidelines, he deliberately omitted to disclose the same, enabling deposits beyond the permissible limit in IDFC First Bank.

According to the investigation, an investment made on March 18, 2025, increased the total deposits in IDFC First Bank to ₹67.90 crore, exceeding the prescribed limit of ₹50 crore. Subsequently, another investment of ₹37.78 crore was made on June 24, 2025, taking the total investment to ₹105.68 crore. A further investment of ₹8 crore on October 1, 2025, increased the total deposits in the bank to ₹113.68 crore, despite the ceiling remaining unchanged at ₹50 crore.

The CBI said that between March 13, 2025, and February 13, 2026, numerous fraudulent debit transactions resulted in the siphoning off of ₹187 crore to various entities, including shell companies allegedly controlled by the accused persons. During the same period, credit transactions amounting to ₹17.9 crore were recorded, resulting in an overall loss of ₹169 crore to the public exchequer.

The CBI contended that Sharma abused his official position and, in connivance with co-accused persons, extended undue favour to IDFC First Bank, causing wrongful gain to private entities allegedly controlled by the accused while inflicting a corresponding loss on public funds.

The CBI further claimed that digital evidence recovered during the investigation indicates that Sharma received illegal gratification as a quid pro quo for his role in the alleged conspiracy.

The CBI had earlier on Monday arrested IAS officer, Pankaj Agarwal for allegedly defrauding ₹60.54 crore from the accounts of the Haryana School Shiksha Pariyojana Parishad and the Haryana State Agriculture Marketing Board, both of which were maintained with IDFC First Bank.

The 2000-batch IAS officer was the principal secretary of the department of school education and the department of agriculture when the Haryana School Shiksha Pariyojna Parishad and the Haryana State Agriculture Marketing Board opened accounts at the bank’s Sector 32 branch in Chandigarh in violation of the state finance department’s guidelines.