The Central Bureau of Investigation (CBI) has alleged that senior Haryana-cadre IAS officer Vineet Garg facilitated a series of fixed-deposit placements worth about ₹209.42 crore with IDFC First Bank while serving as chairman of the Haryana State Pollution Control Board (HSPCB).
The allegations form part of a supplementary chargesheet filed before the Special CBI Court in Panchkula in the wider investigation into the alleged diversion and misappropriation of Haryana government funds. Garg, a 1991-batch IAS officer, is among six Haryana-cadre IAS officers named as accused in the latest chargesheet. The CBI has not arrested Garg in the case.
According to the agency, six separate placements with IDFC First Bank were approved during Garg’s tenure as HSPCB chairman between March 2025 and January 2026. The CBI says these transactions ultimately took the bank’s deposits from the pollution control board to approximately ₹209.42 crore.
The investigation has particularly focused on the manner in which the board’s funds were allocated among banks and the circumstances surrounding some of the decisions.
CBI Questions October 2025 Deposit Decision
One of the transactions examined in detail relates to October 24, 2025. According to the chargesheet, an HSPCB data entry operator had initially circulated a proposed allocation of the deposits that were falling due.
The proposal included ₹25 crore each for IDFC First Bank, Bandhan Bank, IndusInd Bank and Ujjivan, while ₹77 crore was proposed for HARCO Bank.
The CBI alleges that the allocation was subsequently altered. According to the agency, ₹25 crore initially earmarked for IndusInd Bank was shifted to IDFC First Bank, taking the latter’s allocation for that particular cycle to ₹50 crore. The agency has questioned why the change was made and has examined the circumstances in which the revised allocation was approved.
The CBI has also raised questions over the quotations submitted by the banks. Its chargesheet states that Bandhan Bank had offered an interest rate of 7.30%, compared with 7.25% quoted by IDFC First Bank for the October placement.
The agency has further alleged that the IDFC quotation was submitted after the stipulated deadline and did not carry a bank stamp or the name of the authorised signatory. These circumstances have become part of the CBI’s investigation into whether the process for placing HSPCB funds was followed as prescribed.
Six Placements Under CBI Lens
The chargesheet identifies six placements with IDFC First Bank during the period under investigation: ₹50 crore on March 8, 2025; ₹17.90 crore on March 27; ₹37.78 crore on July 2; ₹8 crore transferred to a savings account on October 1; ₹50 crore on October 24; and ₹45.74 crore on January 22, 2026.
The CBI has pointed out that in some instances other participating banks had quoted higher interest rates. For example, Jana Small Finance Bank had reportedly quoted 8.45% against 8.25% for the March 27 placement, while Bandhan Bank offered 7.30% compared with IDFC First Bank’s 7.25% in October.
The agency has also referred to a ₹50-crore ceiling prescribed for deposits with a newly empanelled bank under a Haryana Finance Department memorandum. The CBI alleges that the cumulative deposits with IDFC First Bank went substantially beyond that limit.
The allegations against Garg form part of a much larger CBI investigation into the alleged diversion of public funds belonging to several Haryana government departments and organisations. The agency’s September chargesheet named six IAS officers along with bank officials and other government employees in the case.
As the matter is before the court, the allegations contained in the CBI chargesheet remain allegations unless established through judicial proceedings.
