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Haryana State Vigilance arrests man in Rs 150 crore Kotak…

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activeCyber Crime / Digital ArrestPan India

Haryana State Vigilance arrests man in Rs 150 crore Kotak Mahindra Bank scam

The Haryana State Vigilance and Anti-Corruption Bureau arrested a resident of Mohali in connection with an alleged financial scam involving Kotak Mahindra Bank and the Panchkula Municipal Corporation. Investigators stated that funds amounting to Rs 150 crore were allegedly diverted in a scheme involving Fixed Deposit Receipts and bank accounts held at the bank's Sector 11 branch in Panchkula. A comparison of official municipal records with bank details uncovered serious inconsistencies, showing that amounts for certain FDRs were listed in government records but never actually deposited.

State

Multiple States

First reported

September 2026

Agency involved

State Vigilance and Anti-Corruption Bureau, Panchkula

Arrests

Nine individuals previously arrested, plus the recent arrest of the absconding suspect

Status

Suspect remanded to two days of police custody by the District Courts, Panchkula

The full story

Everything you need to know about this case, in one place.

According to investigators, the newly arrested individual allegedly colluded with bank officials and employees to misappropriate public funds. Authorities stated that approximately Rs 5.19 crore of government money was unauthorizedly transferred from the municipal corporation's bank account into a joint account held by the accused and his wife. The suspect had reportedly been absconding before being taken into custody and produced before the District Courts in Panchkula, which remanded him to two days of police custody.

Not yet reported: The articles do not specify the total number of primary conspirators within the bank or the final judicial outcomes for those already charge-sheeted.

Where the case stands

The latest position in the reports we read.

The suspect was produced at the District Courts in Panchkula and remanded to two days of police custody, while a charge sheet against nine other arrested individuals was submitted on June 22.

Who was affected

Described in general terms; we do not name victims.

The Panchkula Municipal Corporation and the public treasury were affected by the alleged diversion of government funds.

Timeline

Key dates as reported, oldest first.

June 22A charge sheet against previously arrested individuals was submitted before the court.

ThursdayThe State Vigilance and Anti-Corruption Bureau arrested the absconding suspect and produced him in court.

How the scam worked

The method described in the reports.

Municipal corporation funds were allegedly targeted through irregularities involving Fixed Deposit Receipts and bank accounts held at Kotak Mahindra Bank.
Official records maintained by the municipal corporation listed certain FDR amounts that bank books indicated were never actually deposited.
The accused allegedly colluded with bank officials and employees to orchestrate the unauthorized transfer of government funds.
Public money was allegedly moved directly from the Panchkula Municipal Corporation account into a joint bank account held by the suspect and his wife.

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

tribuneindia.comOriginal report The TribuneOpens via Google News

Prepared by Report Scams, with the help of AI, from the published reports listed above. Check those reports for the latest. Cases here describe allegations. An FIR, arrest or charge is not a finding of guilt. To report a mistake, or to ask for a correction or removal, write to our Grievance Officer. See also the Safe Posting policy.