The Haryana Police have detained Dileep Kumar Raghav, a former relationship manager at Kotak Mahindra Bank, in relation to the purported fixed deposit scam involving the funds of the Municipal Corporation of Panchkula.
According to news agency ANI, Raghav was employed as a client manager at the bank during the time of the alleged crime. He is charged with sending doctored reports to the municipal body concerning fixed deposits, supposedly in collusion with other primary suspects in the case.
The police found the documents misrepresented the status and existence of specific fixed deposits, which formed an integral part of the alleged scam that resulted in inconsistencies in municipal finances.
Also Read: Kotak Mahindra Bank Working With Panchkula Authorities After Scam In Civic Body's Account
Panchkula FD Fraud Case
On Wednesday, Kotak Mahindra Bank said is reconciling fixed deposits and accounts associated with the Municipal Corporation of Panchkula, following media allegations that deposits totaling Rs 150 crore had gone missing from these accounts.
A bank spokesperson said the reconciliation process was triggered by the civic body's requests, and a substantial part of the funds under examination has already been settled.
The case involves suspected discrepancies in fixed deposits amounting to approximately Rs 150 to Rs 160 crore tied to the municipal corporation. Allegations suggest these funds were originally indicated as invested in fixed deposits with the bank; however, issues arose during the reconciliation process.
Bank Lodged Complaint With Police
The bank lodged a formal report with the Panchkula Police, a move it characterised as aligning with its governance practices and aimed at ensuring an independent and thorough investigation. Additionally, the private sector lender said it is fully collaborating with the municipal corporation, governmental bodies, and law enforcement agencies.
Haryana Police said the involvement of various individuals is under scrutiny, particularly investigating potential collusion between bank staff and outside entities.
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