Panchkula municipal FDR discrepancies: Haryana vigilance arrests two in Kotak Mahindra Bank case

Haryana’s State Vigilance and Anti-Corruption Bureau has arrested two people over alleged irregularities in Panchkula Municipal Corporation fixed deposit receipts. The suspected mismatch involves nearly Rs 150 crore at Kotak Mahindra Bank’s Sector-11 branch in Panchkula. Investigators said the case centres on differences between municipal records and bank positions on term deposits and linked accounts.

Representative image

Officials said Dileep Kumar Raghav, the bank’s relationship manager at the time, was arrested on Wednesday. Rajat Dahra was arrested late Thursday night, according to a later statement. A Panchkula court on Thursday sent Raghav to four-day police custody. The bureau linked both arrests to the same bank-related probe.

Kotak Mahindra Bank fixed deposit receipts case: Alleged discrepancies and custody

The municipal corporation reported a multi-crore mismatch between its office entries and figures shown in the bank’s Panchkula branch. The Panchkula Municipal Commissioner said the fixed deposit receipt discrepancies were around Rs 150 crore. The official statement said major gaps were found in FDRs and bank accounts maintained at Kotak Mahindra Bank, Sector-11, Panchkula.

Preliminary findings said Raghav conspired with others and shared incorrect fixed deposit reports with Panchkula Municipal Corporation. Officials said this led to serious distortions in official records. The bureau has not named other suspects so far. The investigation is continuing into how the alleged false reporting affected both FDR and account balances.

Kotak Mahindra Bank fixed deposit receipts case: FIR sections and government referral

The SVACB filed an FIR on Tuesday night for cheating, conspiracy and other offences. The Haryana government referred the matter to the bureau for a detailed probe. The referral covered non-reconciliation of funds and checks into the FDR discrepancies. It also included the bank accounts held at Kotak Mahindra Bank, Sector 11, Panchkula.

The case was registered at the Anti-Corruption Bureau police station in Panchkula. It invoked Sections 3165, 3184, 3363, 338, 340, and 61 of the Bharatiya Nyaya Sanhita. It also included Sections 132 and 131a of the Prevention of Corruption Act, 1988. The FIR named unnamed bank officials and others as accused.

Kotak Mahindra Bank fixed deposit receipts case: Fixed deposits, maturity, and balances

According to the FIR, the municipal commissioner, Panchkula maintained 16 fixed deposits at the branch. The principal amount was Rs 1,45,03,41,704, with a maturity value of Rs 1,58,02,36,420. Of these, 11 fixed deposits worth Rs 59,57,67,709 were to mature on February 16, 2026.

The FIR said a bank statement for Account No... was received on March 16. It showed the balance on March 13 as Rs 2,17,74,394, against an expected Rs 50,0,24,463. The bank also informed that no live term deposit was available. It said the account balance on March 18 was Rs 12,85,93,603.86.

The FIR said municipal office records still showed 16 fixed deposits with the same principal and maturity values. It said this did not match what the bank conveyed. The FIR added that the records were "totally mismatched\". It also said there was apprehension of financial irregularities by the bank in the matter.

Kotak Mahindra Bank fixed deposit receipts case: Rajat Dahra claim of transfers

A later statement said Dahra disclosed receiving over Rs 60 crore from an account number.... It said this started with effect from May 29, 2020. It also cited another account with effect from October 1, 2022 till 2025. The statement said Dahra allegedly moved the money to several other accounts under जांच.

Kotak Mahindra Bank fixed deposit receipts case: Bank response and police complaint

On Wednesday, a Kotak Mahindra 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.\"

The spokesperson also said, \"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 further said a large part of the amount under review was already reconciled with the municipal corporation. The spokesperson said the remaining reconciliation was proceeding in an orderly way. The bank also said it filed a formal complaint with the Panchkula Police. The bank said it was cooperating with authorities and law enforcement agencies.

With two arrests made and a court remanding one accused to police custody, the probe is now focused on tracing fund movements. Officials are also checking how municipal FDR records differed from bank positions. The FIR and statements list several account and deposit figures under review. The investigation is continuing under the SVACB in Panchkula.

With inputs from PTI