Action in 160 crore FD scam in Haryana, Kotak Mahindra Bank relationship manager arrested
ACB arrests Kotak Mahindra Bank’s former relationship manager in ₹160 crore FD scam in Haryana’s Panchkula; investigation reveals fake accounts and forged statements.
Chandigarh (The Uttam Hindu): In a major development in the ₹160 crore fixed deposit (FD) scam in Haryana, the State Vigilance and Anti-Corruption Bureau (ACB) has arrested a former relationship manager of Kotak Mahindra Bank, identified as Dilip Kumar Raghav.
According to investigating agencies, the accused allegedly conspired with the main suspect and sent misleading reports related to FDs to the Municipal Corporation Panchkula. It is alleged that the funds deposited as FDs were diverted into fake accounts with the involvement of bank employees. To maintain trust, fake statements and fabricated records were repeatedly shown to the corporation.
The scam came to light when the corporation instructed the bank to transfer ₹58 crore upon FD maturity into its main account. Although the bank statement showed the transfer as completed, the actual account balance was found to be zero. Further investigation revealed that the statement was completely forged.
Subsequently, the corporation reviewed its remaining FDs, uncovering more discrepancies. According to reports, the Municipal Corporation had invested in 16 FDs at the Sector-11 branch of the bank, with a total amount of around ₹145 crore and a maturity value of approximately ₹158 crore. Out of these, 11 FDs had matured on February 16, 2026.
Bank statements showed a balance of only ₹2.17 crore, while corporation records indicated that around ₹50 crore should have been available. Later, the bank stated that only about ₹12 crore remained in the account and no active term deposits existed.
A case has been registered under charges including criminal breach of trust, fraud, forgery, use of fake documents, criminal conspiracy, and provisions of the Prevention of Corruption Act.
In its statement, Kotak Mahindra Bank said that reconciliation of FDs and accounts was carried out as per instructions from the corporation and that, based on records examined so far, all transactions were conducted in accordance with banking norms and procedures.
The investigation is ongoing, and more revelations and arrests are expected in the coming days.