Rs 150-crore fraud: Kotak Mahindra Bank deputy V-P Pushpender Singh surrenders in Panchkula case

The state government referred the case to the vigilance bureau after the municipal corporation flagged discrepancies in fixed deposits and linked accounts at Kotak Mahindra Bank’s Sector 11 Panchkula branch. Sources indicate that Pushpender Singh previously served as manager at the branch.

On March 30, the bureau informed a Panchkula court, “In the preliminary investigation of the case, the name of Deputy Vice-President Pushpender Singh had emerged. It has come to knowledge that Raghav had full information about this. During the investigation, a team was sent to the bank. Raghav told the vigilance team in-charge that he knows the home and whereabouts of Pushpender and would help in his arrest.”

Kotak Mahindra Bank has already returned Rs 127 crore to the municipal corporation, with a spokesperson saying in a statement, “As the reconciliation relating to fixed deposits and linked bank accounts of the Municipal Corporation of Panchkula has progressed, certain discrepancies have been identified that may affect both the Bank and the Municipal Corporation and are currently under examination. In this context, and given the Bank’s long-standing relationship with government institutions, Kotak Mahindra Bank has placed an amount of Rs 127 crore with the Municipal Corporation while the investigation continues.”

The spokesperson added, “Kotak Mahindra Bank and the Municipal Corporation are working closely with the relevant authorities to establish the facts and address the matter appropriately. The Bank continues to operate normally, and there is no impact on customer services.”

This case surfaced just weeks after the Rs 590‑crore IDFC First Bank fraud, into which the Haryana Government has recommended a CBI inquiry, underscoring the scale of financial irregularities being uncovered in the state.