UHBVNL dismisses CFO Amit Dewan after allegations of fraud linked to HPGCL funds

Uttar Haryana Bijli Vitran Nigam Ltd (UHBVNL) has removed its Chief Financial Officer, Amit Dewan, from service with immediate effect. The decision followed allegations of financial fraud, corruption and misuse of government funds. The claims related to Amit Dewan’s deputation tenure as Director Finance at Haryana Power Generation Corporation Limited (HPGCL).

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The dismissal order was issued by the Managing Director, UHBVNL, after an extensive probe. Investigators examined allegedly fraudulent banking transactions and forged financial records. The case began with the State Vigilance & Anti-Corruption Bureau. It was later transferred to the Central Bureau of Investigation (CBI) for further investigation.

UHBVNL dismissal and CBI probe in Amit Dewan case

An official statement on Monday said the action came weeks after Amit Dewan’s arrest. Amit Dewan was arrested on March 18 this year. Amit Dewan had remained under suspension pending further action. UHBVNL said a detailed review of the case led to the final decision.

According to the findings, Amit Dewan allegedly worked with certain bank officials to siphon off government funds. The statement said this was done through unauthorised banking operations. It also said HPBCL funds were moved to accounts in IDFC First Bank and AU Small Finance Bank. The transfers allegedly breached government norms and empanelment guidelines.

Fraud allegations and bank transactions linked to Amit Dewan

The statement said investigators flagged a deposit of Rs 50 crore credited into an account. It said the related Fixed Deposit Records were allegedly forged later. Authorities also reported several unauthorised and fraudulent transactions linked to the same matter. The investigation focused on how public money may have been diverted.

The probe also cited Call Detail Record (CDR) analysis and witness statements, the statement said. This material allegedly suggested Amit Dewan received illegal gratification. The statement said the alleged payments were linked to compromising the power utility’s interests. It specifically alleged Amit Dewan accepted Rs 50 lakh on January 6, 2026.

UHBVNL action under regulations in Amit Dewan matter

UHBVNL said the Competent Authority found the conduct "most reprehensible\". It also said the matter harmed the image and credibility of the State Government and its power utilities. The dismissal order said a regular departmental enquiry was not reasonably practicable. It cited risks of evidence tampering and influence over subordinate officials.

Invoking the Uttar Haryana Bijli Vitran Nigam Employees Punishment & Appeal Regulations, 2018, UHBVNL permanently removed Amit Dewan from service, it said. The utility linked the step to public interest and administrative integrity. It also said the decision was taken to maintain organisational discipline while the CBI continues its probe.

With inputs from PTI