Haryana Police have arrested Dileep Kumar Raghav, a former Relationship Manager at Kotak Mahindra Bank, in connection with the alleged fixed deposit (FD) fraud involving funds of the Municipal Corporation Panchkula.
According to police officials, Raghav was serving as a Relationship Manager at the bank at the time of the alleged offence. He is accused of sending falsified reports to the civic body regarding fixed deposits, allegedly in conspiracy with other key accused in the case.
Investigators said the reports misrepresented the status and existence of certain fixed deposits, forming a crucial part of the alleged fraud that led to discrepancies in municipal funds.
What is the Kotak Mahindra Bank FD fraud case?
Kotak Mahindra Bank on Wednesday said it is reconciling fixed deposits and accounts linked with the Municipal Corporation of Panchkula, after media reports surfaced alleging that deposits worth Rs 150 crore were missing from these accounts.
In a statement, a spokesperson for the bank said the reconciliation was initiated following instructions from the Municipal Corporation itself, and that a significant portion of the amounts under review had already been reconciled.
The case pertains to suspected irregularities in fixed deposits worth around ₹150-160 crore linked to the Panchkula municipal corporation. The funds were allegedly shown as invested in fixed deposits with the bank, but later discrepancies emerged during reconciliation.
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The bank added that it has filed a formal complaint with the Panchkula Police – a step it described as consistent with its governance standards and aimed at ensuring the matter is examined independently and comprehensively. It said it is cooperating fully with the Municipal Corporation, government authorities, and law enforcement agencies.
Haryana Police said the role of multiple individuals is being examined, with a focus on possible collusion between bank officials and external parties.
