Kotak Mahindra Bank is in controversy regarding fixed deposits (FD) worth crores of rupees of Haryana’s Panchkula Municipal Corporation. The bank has been accused of fraud of about ₹160 crore. After the matter came to light, the bank has lodged a formal complaint with the Panchkula Police and has started investigating the accounts in collaboration with the Municipal Corporation. Panchkula Municipal Corporation Commissioner Vinay Kumar revealed that some FDs of the Municipal Corporation were in the Panchkula branch of Kotak Mahindra Bank for a long time. When the corporation asked the bank to transfer funds on maturity of an FD, a discrepancy was found in the records. After this the corporation asked for the account of all the deposits from the bank. According to media reports, this error could be up to ₹160 crore. Bank’s stand – KYC and documents are completely correct. Giving clarification on this matter, Kotak Mahindra Bank spokesperson said that the bank has started a detailed investigation of fixed deposits and bank accounts related to it following the instructions of the Municipal Corporation. The bank says that in the investigation so far, the account opening process, KYC documents, authorized signatures and instructions received from the corporation have been found to be completely correct. The bank has claimed that all the transactions were done as per banking rules. The bank itself lodged a complaint with the Panchkula Police. The bank said that a large part of the documents has already been checked in collaboration with the Municipal Corporation and the rest of the process is going on systematically. To maintain transparency, the bank itself has filed a complaint with the Panchkula police. The bank management says that they are fully cooperating with the Municipal Corporation, Government and law enforcement agencies in this matter. A similar case had come to light in IDFC First Bank also. This is not the first case of manipulation in government accounts. Recently, a case of fraud of ₹590 crore was also reported in the Chandigarh branch of IDFC First Bank. That case was also related to some selected accounts of Haryana government. The bank had then told that some employees and outsiders together had carried out this fraud. Also read this news… PNG pipeline near your house, then connection will have to be taken: The company will give 3 months notice, if the connection is not taken, LPG supply will be stopped. If a gas pipeline has come near your house and you have not taken a PNG connection, then the LPG cylinder coming to your house will be stopped in the next 3 months. In view of the ongoing war and gas shortage in the Middle East, the Central Government has implemented ‘Natural Gas and Petroleum Products Distribution Order 2026’. Read the full news…
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Kotak Bank accused of fraud of ₹ 160 crore: Panchkula Municipal Corporation’s FD irregularities, the bank itself filed a complaint with the police.
