Kotak Bank detects Rs 150 cr fraud at Panchkula branch, probe on
Photo: @InvGurInd/X New Delhi, March 25 : A major financial irregularity has come to light in Haryana, where the Panchkula Municipal Corporation has found discrepancies of over Rs 150 crore in its fixed deposits with Kotak Mahindra Bank. The development comes just a month after a Rs 590-crore fraud was reported at the Chandigarh branch of IDFC First Bank. The civic body had invested funds in fixed deposit receipts (FDRs) at the bank’s Sector 11 branch. However, the issue surfaced when the corporation requested the maturity amount of a Rs 58-crore deposit to be transferred into its account. While bank records initially showed that the transfer had been completed, the money never reached the corporation. A closer investigation revealed that the bank statement itself was fake, and the funds had allegedly been diverted into fraudulent accounts. Officials later found that all the fixed deposits linked to this case were forged and that no actual money was present in the accounts, as per the report.