Kotak Mahindra Bank Fraud: Another blow after IDFC First Bank; Panchkula Municipal Corporation FD scam in Kotak Bank

• 160 crore FD scam in Kotak Mahindra
• Bank officers and employees are the masterminds
• Money diverted to fake accounts by bank officials

Kotak Mahindra Bank Fraud: After IDFC First Bank, now a shocking case of embezzlement of government funds by a private bank in Haryana has come to light. A case of embezzlement of 160 crores (FD) in Panchkula Municipal Corporation by some officers and employees of Kotak Mahindra Bank has come to light. All these amounts are fixed deposits of the Municipal Corporation. The Panchkula Municipal Corporation had made FDs totaling 150 crores in the bank at various times, but the bank officials had cheated the Municipal Corporation by opening fake accounts, transferring the entire amount and showing only the documents. As soon as this matter was brought to the notice of the authority of the municipality, it was thoroughly investigated.

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Allegation that the bank employees concealed the fraud

It has been alleged that the employees of Kotak Mahindra Bank concealed the fraud for a long time and created fake documents to manipulate the records and a case has been registered on the complaint of the Municipal Corporation.
And also gave fake statements. The matter came to light when the corporation requested to deposit the FD maturity amount of Rs.58 crore into the account. Are there any more scams with Panchkula Municipality and Kotak Mahindra Bank senior officials investigating it now? An investigation has been started.

Also Read: IDFC First Bank Fraud: IDFC First Bank Shocking Disclosure; 590 crore suspected fraud?

Suspected fraud of around 590 crores in Chandigarh branch

A few days ago, a similar incident was revealed from a branch of IDFC Bank in Haryana. A suspected fraud of around Rs 590 crore was detected at IDFC Bank’s Chandigarh branch, which also involved some accounts of the Haryana government. In a regulatory filing to the stock exchange on February 21, the bank said it had conducted an initial internal inquiry following a tip-off from a department of the Haryana government.

When this came to light, further discrepancies were found between the balance reported in the system and the amount reported by the respective government agencies. Based on preliminary enquiry, several errors were found in it. Both cases are currently under investigation.