A special CBI court in Panchkula has dismissed the bail application of Ankur Sharma, an accused in the alleged ₹550 crore Haryana government funds fraud case.
Special judge (CBI) Vijayant Sehgal dismissed Sharma’s bail plea on August 7, observing that the allegations involved a large-scale economic offence and the siphoning of substantial public funds. The court also noted that the investigation in the case was still pending.
According to the prosecution case cited in the court order, around ₹550 crore of government funds were allegedly fraudulently withdrawn and transferred to shell entities by bank officials in connivance with private persons and some government officials.
The CBI alleged that Sharma was a co-director of shell company SRR Planning Gurus. The investigation found that ₹8.1 crore from the account of the Haryana School Shiksha Pariyojana Parishad (HSSPP), ₹8.5 crore from the Haryana State Pollution Control Board (HSPCB) and ₹13.4 crore from the account of the welfare commissioner, Haryana, were credited to the company’s account.
The investigation further revealed that Sharma was the sole authorised signatory of the company and allegedly disbursed the funds to other shell entities and jewellers for conversion into gold and cash. According to the CBI, he also used part of the money to purchase a vehicle and transferred funds to his personal account.
The CBI further alleged that Sharma was in constant touch with the main accused, Ribhav Rishi, and was actively managing the shell entity’s finances in connivance with him. The investigation also found that Sharma was managing the net banking of another shell entity, CAPCO Fintech Services, whose role was still under investigation.
{{/usCountry}}The CBI further alleged that Sharma was in constant touch with the main accused, Ribhav Rishi, and was actively managing the shell entity’s finances in connivance with him. The investigation also found that Sharma was managing the net banking of another shell entity, CAPCO Fintech Services, whose role was still under investigation.
{{/usCountry}}Opposing the bail plea, the CBI submitted that analysis of call detail records (CDRs) showed 671 and 716 calls between two mobile numbers used by Sharma and Rishi, respectively. The agency argued that the frequent communication indicated that Sharma was part of the alleged conspiracy and remained in constant contact with the co-accused.
The CBI further submitted that around ₹30 crore had allegedly been fraudulently transferred from three government departments to the SRR Planning Gurus account and subsequently siphoned off for personal gains. The agency alleged that Sharma had purchased a Mercedes-Benz car in the name of his company using the allegedly diverted funds.
The prosecution also informed the court that Sharma was facing a similar case before the special judge, CBI, Chandigarh, in another FIR registered on May 4, 2026. According to the CBI, funds belonging to a Chandigarh administration department were allegedly siphoned off through a shell entity in that case, and Sharma’s bail application had already been dismissed by the Chandigarh CBI court.
Sharma’s counsel argued that he had been falsely implicated and had been in custody since March 10, 2026. The defence submitted that the investigation against him had been completed and that no further recovery was required from him.
After hearing both sides, the court held that the allegations related to a large-scale economic offence involving the siphoning of substantial public funds. Considering the nature and gravity of the allegations, the role attributed to Sharma and the fact that the investigation was still pending, the court held that no ground for granting bail was made out at this stage and dismissed his application.