Another scam in Haryana after IDFC case, allegations against Kotak Mahindra Bank; ₹160 crore missing

Panchkula (The Uttam Hindu): Banking fraud cases in Haryana continue to surface, with a fresh scam now reported at Kotak Mahindra Bank’s Sector-11 branch in Panchkula. After the ₹590 crore fraud in IDFC First Bank, this new case involves an alleged embezzlement of around ₹160 crore, reportedly belonging to the Panchkula Municipal Corporation.

According to information, the Municipal Corporation had created 16 fixed deposits (FDs) in this bank branch, which were earlier transferred from SBI. When the corporation recently approached the bank to withdraw the matured amount, the bank reportedly denied having any record of those FDs.

Following this revelation, panic spread within the corporation, and an internal probe was immediately initiated. A team comprising account officials, the commissioner, and the joint commissioner examined the documents and submitted a report to the government and bank authorities.

Preliminary investigation suggests that additional accounts were opened using fake documents, and the FD amounts were diverted into these accounts. It is suspected that a significant portion of the funds was transferred to a woman’s account, whose family is said to include senior administrative officials. There are also indications that money was routed into shell company accounts.

To conceal the fraud, renewal-related FD documents were allegedly sent regularly to the Municipal Corporation, preventing suspicion for a long time. However, the matter came to light when the corporation sought withdrawal following recent banking scam alerts. Investigations also revealed that the bank statements provided were reportedly fake.

The corporation had requested the transfer of ₹58 crore and ₹102 crore as maturity amounts, but the funds never reached the actual account.

Considering the seriousness of the case, the probe has been handed over to the Economic Offences Wing of the police. The vigilance department has also registered a case, and action has been initiated against bank employees and other suspects. The bank management has filed a separate complaint as well.

Notably, earlier scams involving the Panchkula Municipal Corporation had also surfaced in IDFC First Bank and AU Small Finance Bank. In the IDFC case, ₹590 crore was later returned by the bank, and 11 accused have been arrested so far. The role of individuals involved in this latest scam will become clear after the investigation is completed.