Kotak deputy VP Pushpender Singh arrested over ₹150cr Panchkula scam
Big banking trouble in Chandigarh: Pushpender Singh, a deputy vice president at Kotak Mahindra Bank, was arrested over a ₹150 crore scam tied to Panchkula Municipal Corporation funds.
Investigators say Singh and ex-senior accounts officer of Panchkula Municipal Corporation Vikas Kaushik created fake accounts and messed with fixed deposits to siphon off huge sums.
Alleged bogus accounts siphoned municipal deposits
Between 2020 and 2022, Singh and Kaushik allegedly used bogus accounts to pull money from real municipal deposits using fake paperwork.
Five people, including Dileep Kumar Raghav, a relationship manager, had already been arrested in connection with the discrepancies; Raghav was accused of sending false reports about the fixed deposits.
The whole thing came out when the municipal corporation noticed their books didn't match the bank's records.
Now, Singh faces court.