Haryana Finance Director Held in Rs 590 Cr Fraud Probe

Amit Diwan, the finance director for Haryana Power Generation Corporation Limited (HPGCL), was arrested on March 20, 2026, as part of an ongoing investigation into a staggering Rs 590 crore fraud. The State Vigilance and Anti-Corruption Bureau (ACB) alleges Diwan deliberately bypassed established government financial procedures with malicious intent. He is accused of actively collaborating with a primary suspect, Ribhav Rishi, to execute the alleged offenses.

According to the ACB's remand papers, Diwan is suspected of accepting significant illegal payments for his alleged role in the scheme. A local court granted the ACB a three-day remand for further interrogation following his presentation on Thursday. Three other individuals, Rajesh, Randhir, and Rajan, were moved to judicial custody on the same day.

The probe, initiated with the formation of a Special Investigation Team (SIT) on February 27, 2026, has uncovered the use of intricate financial networks and shell companies to misappropriate public funds. Numerous arrests have been made since February 24, 2026, including Ribhav Rishi, Abhay Kumar, Swati Singla, and Abhishek Singla. Further arrests include government official Naresh Kumar Bhuwani and Manish Jindal on February 28, along with several bank employees implicated in processing unauthorized transactions and forging financial documents.

Senior finance officers Rajesh Sangwan and Randhir Singh, alongside Rajan Singh Katodiah, owner of Sawan Jewellers Chandigarh, have also been apprehended for their alleged involvement in violating financial norms and accepting illicit payments. Officials indicate that the investigation remains active, with expectations of further arrests as the financial trail of the corruption case is meticulously pursued.