₹160 crore embezzlement case: Police deployed outside Kotak Mahindra and AU Small Finance Bank branches in Panchkula and Panipat

Panchkula (The Uttam Hindu): The Haryana government has taken strict action in the alleged ₹160 crore embezzlement case linked to Kotak Mahindra Bank and AU Small Finance Bank. Police personnel have been deployed outside bank branches in Panchkula and Panipat, and employees were not allowed to open the branches on Monday morning.

According to reports, the step was taken after the Anti Corruption Bureau (ACB), which is investigating the case, did not receive the expected cooperation from the banks.

The मामला is linked to fixed deposits made by the Panchkula Municipal Corporation, which had invested around ₹160 crore across multiple banks. When some of these deposits matured, serious discrepancies were found in the records.

Investigations revealed that the corporation had made 16 fixed deposits in Kotak Mahindra Bank. Out of these, 11 FDs worth ₹59.58 crore matured on February 16, 2026. However, the details provided by the bank after maturity did not match the corporation’s records.

As per a bank statement dated March 16, 2026, the balance in account number 2046903758 was only ₹2.18 crore on March 13, instead of the expected ₹50.07 crore. The bank also stated that no active fixed deposits existed, and by March 18, 2026, the total balance had dropped to ₹12.86 crore.

Preliminary findings suggest major irregularities in FD-related transactions and records. Authorities are continuing a detailed investigation, and further revelations are expected.