Kotak Mahindra Bank FD Fraud: Dileep Kumar Raghav Arrested In ₹160 Crore Panchkula Case
Kotak Mahindra Bank FD Fraud: Dileep Kumar Raghav Arrested In ₹160 Crore Panchkula Case
Bank files FIR, begins reconciliation as probe into missing fixed deposits linked to municipal funds intensifies
In a major development in the alleged fixed deposit fraud case linked to the Panchkula Municipal Corporation, Haryana Police have arrested Dileep Kumar Raghav, a former relationship manager, in connection with discrepancies worth ₹150–160 crore.
The case revolves around suspected irregularities in fixed deposits and linked accounts maintained with Kotak Mahindra Bank. According to investigators, certain reports had misrepresented the status and existence of these deposits, forming a crucial part of the alleged fraud that led to discrepancies in municipal funds.
Kotak Mahindra Bank has filed a formal complaint and initiated a reconciliation process of the fixed deposits and associated accounts. The bank stated that the exercise was undertaken following instructions from the Panchkula Municipal Corporation and that a significant portion of the amounts under review has already been reconciled.
The alleged fraud pertains to funds that were reportedly shown as invested in fixed deposits but later revealed inconsistencies during verification. The total amount under scrutiny is estimated to be between ₹150 crore and ₹160 crore.
The bank said it is cooperating fully with the Municipal Corporation, government authorities, and law enforcement agencies to ensure a comprehensive investigation. It added that the FIR aligns with its governance standards and commitment to transparency.
Authorities are continuing their probe to determine the full extent of the fraud and identify any additional individuals involved in the case.
The development comes amid heightened scrutiny of financial irregularities involving government-linked accounts, following similar fraud cases reported in the banking sector in recent months.
