Amount of Rs 150 crore missing from FD, case related to Kotak Mahindra Bank; FIR registered

A big case of financial fraud has come to light in Panchkula, Haryana. The money of Panchkula Municipal Corporation was deposited as fixed deposit in Kotak Mahindra Bank located in Sector 11 here. An amount of about Rs 150 crore has gone missing from the account. The Haryana government handed over the investigation of the case to the State Vigilance and Anti-Corruption Bureau (SVACB). On Tuesday night itself, SVACB has registered a case against unknown officials of the bank on charges of conspiracy and fraud.

Panchkula Municipal Corporation Commissioner Vinay Kumar says that these irregularities have been found in fixed deposits with a total amount of about Rs 150 crore. The Municipal Corporation claims that there is a difference of crores of rupees between its records and the records of Kotak Mahindra Bank.

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According to the FIR registered, the Municipal Corporation had 16 fixed deposits in Kotak Mahindra Bank located in Sector 11, Panchkula. This included an amount of more than Rs 145 crore. On maturity this amount amounts to more than Rs 158 crore. Of these, FDs worth more than Rs 59 crore matured on 16 February 2026.

According to the bank statement received on March 16, the balance as of March 13 was only Rs 2,17,74,394, whereas it should have been more than Rs 50 crore. The bank informed that there are no current term deposits. As of March 18, the account showed a balance of around Rs 12 crore.

According to Municipal Corporation records, he had a total of 16 FDs in the bank. Their total amount is Rs 145 crore. After maturity this amount becomes more than Rs 158 crore. In the FIR, suspicion of financial irregularities by the bank was raised. The FIR said that during verification, two accounts were found, which were not in the official records.

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What did Kotak Mahindra Bank say?

On the other hand, Kotak Mahindra Bank spokesperson says that the bank has started detailed matching of fixed deposits of the Municipal Corporation and the bank accounts linked to them. Under this process, the Bank has confirmed on the basis of records examined so far that all the account opening procedures, KYC documents, authorized signatories and instructions received from the Municipal Corporation are completely correct. The account transactions were conducted following due process and banking norms.

Case registered under these sections

Section 316 (5) of the Indian Justice Code (criminal breach of trust), 318 (4) (fraud), 336 (3) (forgery), 338 (forgery of valuable securities, will etc.), 340 (forged document or electronic record), 61 (criminal conspiracy), Section 13 of the Prevention of Corruption Act, 1988 at the Anti Corruption Bureau police station in Panchkula. A case has been registered under sections (2) and 13 (1) (a).