The CBI Special Court in Panchkula dismissed the bail applications of Randhir Singh and Manish Jindal on Friday in connection with a Rs 657-crore bank scam. The two accused were named in the first chargesheet filed by the CBI in the case.
Role of Randhir Singh
Randhir Singh, who served as Chief Controller, Finance & Accounts at Haryana School Shiksha Pariyojna Parishad (HSSPP), allegedly facilitated the fraudulent opening of an HSSPP account with IDFC First Bank, violating Finance Department instructions. According to the CBI, he provided his personal mobile number on the account-opening form to receive SMS alerts and, despite receiving transaction alerts about fraudulent debit and credit entries, deliberately failed to take corrective action.
The investigation revealed that Singh replaced the original note-sheet prepared by accountant Rakesh—which correctly noted that prior Finance Department approval was mandatory—with a new note-sheet that waived that requirement. He maintained regular contact with co-accused Ribhav Rishi, the alleged mastermind and former IDFC First Bank branch manager, and Abhay Kumar, a former relationship manager at the bank.
Goa Trip and Bribes
The CBI alleged that Rishi sponsored a Goa trip for Singh and a family friend by making a cash payment of Rs 2.52 lakh to M/s Divine Travels Private Limited. Rishi also arranged and financed parties at Jade Manor Hotel in Zirakpur, which Singh attended with other conspirators. The bank account saw 101 fraudulent debit transactions totaling Rs 182.93 crore and 33 fraudulent credit transactions totaling Rs 132.39 crore, resulting in a net embezzlement of over Rs 50 crore.
Role of Manish Jindal
Manish Jindal, a former HDFC Bank employee, later joined IndusInd Bank where co-accused Abhay Kumar worked as his junior. The CBI claimed Jindal played a pivotal role in facilitating the opening of HPGCL's bank account with IDFC First Bank, from which funds were siphoned. He exchanged 847 telephone calls with Ribhav Rishi, 360 with Abhay Kumar, and 38 with a senior government functionary during the period when the account was opened and fraudulent withdrawals occurred.
Jindal allegedly received illegal gratification in the form of two iPhone 17 Pro mobile phones, Rs 25 lakh in cash, and gold, delivered by a carrier. A pocket diary recovered from the carrier, along with tower locations of Jindal and the carrier, served as evidence. HPGCL reportedly incurred a loss of Rs 169 crore due to the siphoning.
Arguments and Court Decision
Counsel for Randhir Singh, MS Bitta, argued that Singh functioned within a defined administrative hierarchy and lacked independent authority to unilaterally decide on opening the account or investing and withdrawing funds. Counsel for Jindal, Amit Dudeja, contended that Jindal's role was limited to introducing the senior government functionary to the co-accused, and that the functionary's name was withheld by the prosecution. He added that opening a bank account is not a criminal offense.
Opposing the bail applications, counsel for IDFC First Bank, Sameer Sethi, stated that the circumstances formed a consistent and compelling chain pointing to the accused's involvement. The CBI court, considering the magnitude of the alleged fraud, the nature of evidence, and the stage of proceedings, ruled that no case for regular bail was made out at this stage.
