Haryana's Vigilance Bureau has filed an FIR against unnamed Kotak Mahindra Bank officials after Panchkula Municipal Corporation reported a Rs 150 crore discrepancy in fixed deposit receipts. One bank relationship manager has been arrested. The bank maintains that accounts were handled per banking norms.
The Haryana State Vigilance and Anti-Corruption Bureau (SVACB) registered an FIR against unnamed officials of Kotak Mahindra Bank following a complaint from Panchkula Municipal Corporation about a Rs 150 crore discrepancy in fixed deposit receipts (FDRs) at the bank's Sector 12 branch in Panchkula. Municipal Commissioner Vinay Kumar noted a mismatch between the civic body's records and the bank's balance. The FIR, filed at Panchkula's ACB police station, invokes BNS sections 316(5) for criminal breach of trust, 318(4) for cheating, 336(3) for forgery, 338 for forgery of valuable security, 340 for forged documents, and 61 for criminal conspiracy, along with Prevention of Corruption Act sections 13(2) and 13(1)(a). On Wednesday, State Vigilance DG AS Chawla announced the arrest of Dileep Kumar Raghav, the relationship manager at the time, who sent false reports to the corporation in conspiracy. The Haryana government referred the matter to SVACB on Tuesday for investigation into non-reconciliation of funds and FDRs. The corporation holds 16 FDRs worth Rs 145 crore with a maturity value of Rs 158 crore; 11 worth Rs 59 crore matured on February 16, 2026. A bank statement received March 16 showed a March 13 balance of Rs 2.17 crore against an expected Rs 50 crore, with no live term deposits and Rs 12 crore on March 18. The FIR states, “The records are totally mis-matching and there is every apprehension of financial irregularities having been committed by the bank.” Verification revealed two additional unrecorded accounts. Kotak Mahindra Bank stated it conducted detailed reconciliation, confirming adherence to due process and banking norms, and is cooperating with authorities while filing a complaint with Panchkula Police. Former Chief Minister Bhupinder Singh Hooda remarked that such a scam would be impossible without official collusion, calling for a high-level inquiry.
