Major Bank Fraud: Panchkula Municipal Corporation's Rs 150 Crore FDR Scam Unveiled

The State Vigilance and Anti-Corruption Bureau arrested two individuals in connection with alleged discrepancies in Panchkula Municipal Corporation's fixed deposit receipts at a Kotak Mahindra Bank branch. A significant mismatch of Rs 150 crore was discovered, prompting a detailed investigation into possible financial irregularities.

In a significant development, Haryana's State Vigilance and Anti-Corruption Bureau has apprehended two individuals in connection with suspected discrepancies in fixed deposit receipts pertaining to the Panchkula Municipal Corporation, amounting to nearly Rs 150 crore, at Kotak Mahindra Bank.

Dileep Kumar Raghav, previously the bank's relationship manager, was detained on Wednesday, followed by the arrest of Rajat Dahra. The discrepancies in the fixed deposit receipts have prompted the municipal corporation to call for a thorough investigation, as inconsistencies emerged between official records and account balances at the bank.

The discrepancies, initially detected in the bank accounts and fixed deposit receipts maintained by the Corporation, have sparked a broader investigation, including charges of conspiracy, forgery, and corruption. Kotak Mahindra Bank has initiated a reconciliation process, while officials from both the bank and the government work to resolve the issues.

(With inputs from agencies.)