Chandigarh, Mar 26 (PTI): Haryana’s State Vigilance and Anti-Corruption Bureau arrested two people in connection with the alleged discrepancies in Panchkula Municipal Corporation’s fixed deposit receipts of nearly Rs 150 crore at a Kotak Mahindra Bank branch.
According to an official statement, Dileep Kumar Raghav, who was the relationship manager in the bank at the time of the commission of offence, was the first to be arrested on Wednesday. Another man, identified as Rajat Dahra, was arrested late Thursday night.
“The case pertains to major discrepancies found in the FDRs and bank accounts of Municipal Corporation Panchkula maintained at Kotak Mahindra Bank, Sector-11, Panchkula,” the statement said.
Preliminary investigation has revealed that Raghav conspired with others and sent false reports to Panchkula Municipal Corporation regarding the fixed deposits, resulting in serious discrepancies in the records, it said.
A court in Panchkula on Thursday sent Dileep Kumar Raghav to four-day police custody.
“Accused Rajat Dahra has been arrested in Kotak Mahindra bank case. He has disclosed that he received more than Rs 60 crore from an account number…with effect from May 29, 2020 and another account with effect from October 1, 2022 till 2025. He allegedly transferred this money to many other accounts which are being investigated,” read another statement issued later in the day.
The municipal corporation has claimed a multi-crore mismatch in its official records and the balance or records reflected in Kotak Mahindra Bank’s Panchkula branch.
According to Panchkula Municipal Commissioner, the discrepancies detected in the fixed deposit receipts were to the tune of Rs 150 crore.
However, a Kotak Mahindra Bank spokesperson, in a statement on Wednesday, said the bank carried out a detailed reconciliation of fixed deposits and linked bank accounts maintained by the municipal corporation and based on the records examined so far, “accounts and transactions were handled in strict adherence to due process and applicable banking norms”.
The State Vigilance and Anti-Corruption Bureau (SVACB) had filed an FIR on Tuesday night on cheating, conspiracy and other charges against unnamed bank officials and others.
This came after the Haryana government decided to refer the case to the SVACB to lodge an FIR “in the matter pertaining to non-reconciliation of funds and for conducting a thorough investigation into the discrepancies related to the FDRs of Panchkula Municipal Corporation, as well as the bank accounts maintained with Kotak Mahindra Bank at Sector 11, Panchkula”.
The case was registered at the Anti-Corruption Bureau police station in Panchkula, under Sections 316(5) (criminal breach of trust), 318(4) (cheating), 336(3) (forgery), 338 (forgery of valuable security, will, et cetera), 340 (forged document or electronic record), and 61 (criminal conspiracy) of the Bharatiya Nyaya Sanhita and under Sections 13(2) and 13(1)(a) of the Prevention of Corruption Act, 1988.
Municipal commissioner, Panchkula has been maintaining 16 fixed deposits amounting to Rs 1,45,03,41,704 (over Rs 145 crore) with a maturity value of Rs 1,58,02,36,420 (over Rs 158 crore) in Kotak Mahindra Bank’s Sector 11 Panchkula branch, according to the FIR.
Out of these, 11 fixed deposits amounting to Rs 59,57,67,709 (over Rs 59 crore) had matured on February 16, 2026.
“As per the bank statement of Account No … received on March 16, the balance as on March 13 is reflected as Rs 2,17,74,394 (over Rs 2.17 crore) only, against the expected balance of Rs 50,0,24,463 (over Rs 50 crore),” the FIR said.
“Further, the bank has intimated that there is no live term deposit available and that the balance in the account as on March 18 is Rs 12,85,93,603.86 (over Rs 12 crore).
“However, as per the office record, the Panchkula Municipal Corporation is maintaining 16 fixed deposits with Kotak Mahindra Bank, Panchkula, amounting to Rs 1,45,03,41,704 with a maturity value of Rs 1,58,02,36,420, which is not in consonance with the position conveyed by the bank,” the FIR said.
The FIR said this depicts that the records are “totally mismatched” and there is “every apprehension of financial irregularities having been committed by the said bank”.
On Wednesday, the bank spokesperson said, “Following instructions from the Panchkula Municipal Corporation, Kotak Mahindra Bank initiated a detailed reconciliation of fixed deposits and linked bank accounts maintained by the municipal corporation.
“As part of this exercise, the bank has confirmed, based on records examined so far, that all account opening processes, KYC documentation, authorised signatories and instructions received from the municipal corporation were in order, and that the accounts and transactions were handled in strict adherence to due process and applicable banking norms”.
The spokesperson had further said that a significant portion of the amounts under review has already been reconciled with the municipal corporation, and the reconciliation process is continuing in an orderly manner.
“Further, in keeping with its governance standards and to ensure that the matter is examined independently and comprehensively, the bank has filed a formal complaint with the Panchkula Police. The bank is cooperating fully with the municipal corporation, government authorities and law enforcement agencies in this process,” the spokesperson said. PTI SUN SKY SKY
(This story is published as part of the auto-generated syndicate wire feed. No editing has been done in the headline or the body by ABP Live.)
