A Panchkula court on Saturday granted default bail to Rajesh Sangwan, a former Controller (Finance and Accounts) of the Haryana State Agriculture Marketing Board (HSAMB), after the Central Bureau of Investigation (CBI) failed to file a chargesheet within the statutory period in the Rs 645 crore bank scam.
Background of the Case
The scam involved collusion among officials of IDFC First Bank, AU Small Finance Bank, and government officers to siphon off Haryana Government funds. Initially investigated by the State Vigilance and Anti-Corruption Bureau (SV&ACB), the case was later taken over by the CBI.
Sangwan was arrested on March 14, with the first remand granted on March 15. The 90-day statutory period under Section 167(2) CrPC, corresponding to Section 187 of the BNSS, ended on June 12. As no final report was filed against him within this period, he sought default bail.
Court's Observations
Additional District and Sessions Judge Bikramjit Aroura noted that the prosecution admitted further investigation against Sangwan was ongoing. The court stated, “Upon consideration of the custody period undergone by the applicant from the date of first remand and the admitted factual position that no final report had been filed against him till the filing of the present application, this Court is satisfied that the applicant has successfully established the accrual and exercise of the statutory right.”
The court further observed that the filing of final reports against co-accused does not defeat Sangwan's right to default bail, as investigation against him remains pending.
Role of Rajesh Sangwan
SV&ACB findings revealed Sangwan was responsible for financial supervision and matters related to opening and operation of HSAMB's bank accounts. He was dismissed from service on April 30 for forwarding a proposal to open a savings account without due diligence or obtaining best interest rates.
A fraudulent transaction of Rs 10 crore occurred on January 14, 2026, via cheque No. 000006, involving RTGS transfers of Rs 9.75 crore and Rs 25 lakh to shell entities SRR Planning Gurus Pvt Ltd and Mannat Contractors. Sangwan was an authorized signatory, and a call confirmation for the transaction was allegedly made to him by IDFC First Bank employee Seema Dhiman, a co-accused.
According to the dismissal order, Sangwan did not act on the fraudulent transactions even after bank statement reconciliation on February 6, 2026.
Conditions Imposed on Bail
The court imposed conditions on Sangwan's bail, including that he “shall join investigation as and when called by the Investigating Officer” and mark his physical presence at the CBI office every Monday and Friday between 11 am and 1 pm until the final report is filed.
Additionally, he shall not directly or indirectly contact, induce, threaten, or influence any prosecution witness, suspect, co-accused, or public servant connected with the investigation.
