Haryana vigilance makes first arrest in Panchkula civic fund discrepancy case
In the first arrest linked to the alleged Rs 160 crore fixed deposit discrepancy involving the Panchkula Municipal Corporation, the Haryana Vigilance and Anti-Corruption Bureau has arrested a Kotak Mahindra Bank employee for his suspected role in the case.
The accused, Dileep Kumar Raghav, was working as a relationship manager at the bank’s Panchkula branch at the time of the alleged offence. Officials said he was arrested on Wednesday following preliminary findings in the investigation.
False reports allegedly submitted to municipal corporation
According to officials, Raghav allegedly conspired with the prime accused in the case and submitted false reports regarding fixed deposit receipts (FDRs) to the Panchkula Municipal Corporation.
Authorities claim the reports misrepresented the status of the corporation’s fixed deposits maintained with the bank, leading to significant discrepancies between official civic records and the bank’s data.
Rs 160 crore mismatch detected
Municipal Commissioner Vinay Kumar earlier revealed that discrepancies in the fixed deposit receipts were detected during a review of the civic body’s financial records.
Officials estimate the mismatch between the municipal corporation’s records and the bank’s statements to be around Rs 160 crore, triggering a formal investigation.
Bank denies irregularities
Meanwhile, Kotak Mahindra Bank said it conducted a reconciliation of the municipal corporation’s fixed deposits and linked accounts.
In a statement, the bank said that based on records examined so far, all accounts and transactions were handled in compliance with due process and applicable banking norms.
FIR registered, probe underway
The State Vigilance and Anti-Corruption Bureau registered a First Information Report (FIR) on Tuesday night under charges including cheating and criminal conspiracy against unidentified bank officials and others.
The case was referred to the vigilance agency by the Government of Haryana, which ordered a thorough investigation into the alleged non-reconciliation of funds and discrepancies related to the fixed deposits and bank accounts maintained at Kotak Mahindra Bank’s Sector 11 Panchkula branch.
Officials said the investigation is ongoing and further arrests could follow as the probe progresses.
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