In a major development, Haryana’s Vigilance Bureau and Anti-Corruption Bureau have made the first arrest in the alleged Rs 150-crore fixed deposit receipts (FDR) discrepancy involving Panchkula Municipal Corporation funds at a Kotak Mahindra Bank branch.
As per an official statement issued on Thursday, the arrested accused, Dileep Kumar Raghav, was serving as a relationship manager at the bank when the alleged offence took place. He was taken into custody on Wednesday.
“Accused Dileep Kumar Raghav has been arrested in the Kotak Mahindra Bank case. He was working as relationship manager at the time of the offence and allegedly sent false reports regarding fixed deposits to the Panchkula Municipal Corporation after conspiring with key accused,” the statement said.
The municipal corporation has reported a multi-crore mismatch between its official financial records and the balances reflected in the bank’s Panchkula branch records.
According to Municipal Commissioner Vinay Kumar, discrepancies in the Fixed Deposit Receipts (FDRs) were found to be around Rs 150 crore.
Meanwhile, a spokesperson for Kotak Mahindra Bank said the bank conducted a detailed reconciliation of fixed deposits and connected accounts maintained by the municipal corporation. Based on records examined so far, the bank stated that all transactions were handled strictly as per due process and applicable banking norms.
The State Vigilance and Anti-Corruption Bureau (SVACB) registered an FIR on Tuesday night under charges of cheating, criminal conspiracy and other offences against unnamed bank officials and others.
The FIR was lodged after the Haryana government referred the matter to the SVACB for investigation into the non-reconciliation of funds and discrepancies related to FDRs and bank accounts maintained by the Panchkula Municipal Corporation at the Sector 11 branch of Kotak Mahindra Bank.
The case has been registered at the Anti-Corruption Bureau police station in Panchkula under various provisions of the Bharatiya Nyaya Sanhita, including criminal breach of trust, cheating, forgery, use of forged documents and criminal conspiracy, along with sections of the Prevention of Corruption Act, 1988.
According to the FIR, the Municipal Commissioner had maintained 16 fixed deposits worth Rs 1,45,03,41,704, with a maturity value of Rs 1,58,02,36,420, at the bank’s Sector 11 Panchkula branch. Out of these, 11 fixed deposits amounting to Rs 59,57,67,709 matured on February 16, 2026.
The FIR stated that a bank statement received on March 16 showed a balance of only Rs 2,17,74,394 as of March 13, against an expected balance of over Rs 50 crore. The bank later informed authorities that no live term deposit was available and that the account balance as of March 18 stood at Rs 12,85,93,603.86.
However, official records of the municipal corporation showed that 16 fixed deposits worth over Rs 145 crore with a maturity value exceeding ₹158 crore were still maintained with the bank, which did not match the position conveyed by the bank. The FIR noted that the records appeared “totally mismatched”, raising serious apprehension of financial irregularities in the matter.
In its earlier statement, the bank said it initiated a detailed reconciliation exercise following instructions from the municipal corporation regarding fixed deposits and linked accounts.
The bank added that account opening procedures, KYC documentation, authorised signatories and operational instructions were found to be in order, and that transactions were carried out in compliance with established banking norms.
The spokesperson further stated that a significant portion of the funds under review has already been reconciled with the municipal corporation, and the reconciliation process is continuing. The bank also said that, in line with its governance standards, it has filed a formal complaint with the Panchkula Police and is fully cooperating with the municipal corporation, government authorities and investigating agencies in the ongoing probe.
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