Panchkula: The Haryana State Pollution Control Board (HSPCB) allegedly suffered a financial loss of ₹159.85 crore in connection with the investment of its funds in bank fixed deposits during the tenure of then Member Secretary IAS officer Pradeep Kumar Dagar, according to a Central Bureau of Investigation (CBI) chargesheet.
The chargesheet reportedly puts the total alleged loss at ₹1,59,85,95,089, including an interest loss of ₹43,80,962. Dagar served as Member Secretary of HSPCB from August 2022 to December 2025, according to reports on the CBI investigation.
CBI Alleges Irregularities in Bank Rate Comparisons
According to the chargesheet, Dagar, a 2011-batch IAS officer of the Haryana cadre, prepared comparative interest-rate charts at different stages of HSPCB’s investment process and made recommendations concerning the placement of funds.
The investigation documents reportedly refer to Haryana Finance Department directions dated July 12, 2024, which prescribed a ₹50-crore limit for a bank included in the panel.
The chargesheet alleges that Dagar noted the condition during an initial investment exercise and recommended placing ₹50 crore with IDFC First Bank. The CBI has relied on this sequence while alleging that he was aware of the applicable investment limit.
CBI Questions Rate Shown for Jana Small Finance Bank
The chargesheet reportedly identifies a March 2025 investment exercise as significant to the investigation.
According to the CBI’s account, Jana Small Finance Bank had quoted an interest rate of 8.45% for deposits above ₹3 crore. However, the comparative chart allegedly prepared by Dagar recorded the bank’s rate as 8.25%.
The chargesheet alleges that had the 8.45% rate been reflected in the comparison, Jana Small Finance Bank would have offered the highest rate and IDFC First Bank would not have been considered for that investment. Despite this, around ₹17.90 crore was allegedly recommended for investment with IDFC First Bank.
Further Investment Allegedly Took IDFC First Bank Above ₹50-Crore Limit
The chargesheet also refers to another investment exercise in July 2025 involving an IDFC First Bank quotation dated June 25.
The CBI reportedly noted that the quotation did not carry the signature of an authorised bank official. At the same time, IndusInd Bank had quoted the same interest rate of 7.10%.
According to the chargesheet, the two banks should have received equal consideration where the quoted rate was the same. Instead, around ₹37.78 crore was allegedly recommended for investment with IDFC First Bank.
The investigation documents reportedly state that this took HSPCB’s total investment in IDFC First Bank to approximately ₹105.68 crore.
Questions Raised Over Savings Account Interest Rate
The chargesheet also reportedly examines an October 2025 recommendation concerning ₹8 crore of HSPCB funds.
According to the CBI’s allegations, the money was recommended for placement in an IDFC First Bank savings account offering 7.25% interest, while the highest actual fixed-deposit rate available at the time was 7.02%.
The investigation also reportedly questioned the decision not to reinvest two fixed deposits held with HARCO Bank, involving approximately ₹140.87 crore, which the chargesheet says resulted in an interest loss.
Dagar’s Role Under CBI Investigation
The CBI investigation into alleged irregularities involving Haryana government funds has included HSPCB investments among the transactions under scrutiny. Reports have previously said the wider investigation concerns suspected irregularities involving funds belonging to multiple Haryana government departments.
The latest chargesheet allegations specifically concern decisions and investment procedures attributed to Dagar during his tenure at HSPCB.
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