₹160cr missing from Kotak Mahindra Bank in Haryana municipality
Business
A major scam has come to light at Kotak Mahindra Bank, where the Panchkula Municipal Corporation in Haryana discovered that nearly ₹160 crore supposedly held in fixed deposits was actually missing.
The issue surfaced when officials tried to cash out a ₹58 crore deposit and found forged bank statements instead of real funds.
All fixed deposit receipts were fake
Investigators found that all the corporation's fixed deposit receipts were fake, likely created by bank staff to hide embezzlement.
After uncovering this, the municipal corporation filed an FIR, reported it to State Vigilance, and asked for Kotak Mahindra Bank to be dropped from its list of approved banks.
This case follows a similar recent scam involving another bank and government funds in Haryana.