Chandigarh: An alleged fraud of around Rs 150 crore has surfaced at the Panchkula branch of Kotak Mahindra Bank, after the Panchkula Municipal Corporation detected major discrepancies in its fixed deposit (FD) accounts.
According to officials, the municipal corporation had opened an account at the bank’s Sector 11
branch, where 16 fixed deposits were being maintained.
The issue came to light when the corporation approached the bank to redeem its FDs upon maturity. In response, the bank informed officials that details of five deposits were not traceable, raising alarm within the civic body.
Following this, authorities swiftly constituted an inquiry committee comprising senior officials, including the Accounts Officer and
the Commissioner. The
committee conducted a preliminary probe and submitted its report to both the bank
and the Haryana government, flagging serious inconsistencies.
Subsequently, the matter was escalated, and on March 24, the Chief Secretary’s office wrote to the Director General of Police of the State Vigilance and Anti-Corruption Bureau (SVACB), seeking a thorough investigation into the alleged irregularities.
Amid growing concerns, the bank issued an official statement stating that it has initiated a detailed reconciliation of fixed deposits and linked accounts maintained by the municipal corporation. It maintained
that, based on records examined so far, all processes, documentation, and transactions related to the accounts
were handled in accordance with due norms. The bank also confirmed that it has filed a formal complaint with the Panchkula Police.
This development marks the second major banking-related controversy in Haryana this year, following the Rs 590-crore fraud case involving IDFC First Bank.
Reacting sharply to the incident, former Haryana Chief Minister and Leader of Opposition Bhupinder Singh
Hooda alleged large-scale misappropriation of public
funds. He claimed that such a massive fraud would not have been possible without official collusion and demanded a high-level probe into the matter.
Hooda further accused the ruling government of failing on governance and alleged that multiple scams,
including irregularities in agricultural procurement schemes, have surfaced in recent times. He said the Panchkula case reflects a broader pattern of financial mismanagement and called for accountability to ensure public money is safeguarded.