A former Central Intelligence Agency employe was indicted in Baltimore yesterday on charges that he impersonated a CIA agent to get $48,000 in loans for an imaginary CIA spying project overseas that he called "Project Blue Hawk." i

Wade A. Jolliff Jr., 54, of Arnold, Md., was arrested at his home. Since he resigned from the CIA in 1972, Jolliff has worked as the director of security at the University of Maryland in Baltimore.

In the six-count indictment, the federal grand jury charged that since March 1977, Joliff has told a number of wealthy men that he was recruiting them to become CIA agents. At meetings with the men, Jolliff allegedly described nonexistent CIA projects of his own invention, including "Project Blue Hawk," and said he needed money to finance them.

One of those men, B. Dixon Evander, the president of two Baltimore insurance agencies, gave Jolliff $48,000 in loans for the CIA projects, according to the indictment. Jolliff allegedly claimed private funds were needed for the secret operations because agency funds had not yet been "released" for the purpose. He allegedly told Evander that he would repay the money when CIA funds become available but did not specify when that might be -- citing the need for secrecy.

None of the projects that Jolliff allegedly described "The CIA does not have an operation Blue Hawk," the only one named in the indictments, he added.

CIA spokesman Dale Peterson would not say whether Jolliff had been a CIA agent or another type of CIA employe. He also would not say why Jolliff resigned in 1972. "We will have no comment." Peterson said. "When our cases are in litigation, we have no comment."

Jolliff was released under $50,000 bond after appearing before U.S. magistrate Paul M. Rosenberg. He has been suspended from his job at the University of Maryland without pay pending the outcome of a trial, according to university spokesman Louise White.

Jolliff could not be reached for comment.

According to the indictment, Jolliff told Evander and others that he was hiring employes for the International Consulting Co. in Severna Park, spokesman said the consulting company was not in anyway connected with the CIA and described it as a "dummy company" that Jolliff had used an an address.

Evander is president of two general insurance companies in Baltimore, B. Dixon Evander and Associates Inc. and Professional Risk Management Inc. He was on a skiing trip yesterday and could not be reached for comment.

If convicted of impersonation, Jolliff could be imprisoned for three years and fined $1,000. He is also charged with five counts of mail fraud, each of which carries a maximum term of five years imprisonment plus a $1,000 fine upon conviction.