Panchkula, Aug. 22 -- A special CBI court has dismissed the first regular bail application of Ribhav Rishi, former branch manager of IDFC First Bank's Sector 32 Chandigarh branch, in a case related to alleged fraudulent withdrawal and diversion of Haryana government funds amounting to around Rs.550 crore.

Special judge (CBI), Haryana, Vijayant Sehgal, while dismissing the bail plea on August 21, observed that the allegations involved a large-scale economic offence and that the prosecution had prima facie pointed towards Rishi's active involvement in the alleged conspiracy.

The case was registered by the CBI after discrepancies were detected in funds and fixed deposits (FDRs) of Haryana government departments maintained with IDFC First B...