Haryana's State Vigilance and Anti-Corruption Bureau has made the first arrest in connection with the alleged discrepancies in Panchkula Municipal Corporation's fixed deposit receipts of nearly ₹150 crore at a Kotak Mahindra Bank branch.
According to an official statement on Thursday, the arrested accused, Dileep Kumar Raghav, was the relationship manager in the bank at the time of the commission of offence.
He was arrested on Wednesday.
2 March 2026
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"Accused Dileep Kumar Raghav has been arrested in the Kotak Mahindra Bank case. He was the relationship manager in the bank at the time of commission of offence. He had sent false reports to Panchkula Municipal Corporation regarding the fixed deposits after conspiring with key accused," the statement said.
The municipal corporation has claimed a multi-crore mismatch in its official records and the balance or records reflected in Kotak Mahindra Bank's Panchkula branch.
According to Panchkula Municipal Commissioner Vinay Kumar, the discrepancies detected in the Fixed Deposit Receipts (FDR) were to the tune of ₹150 crore.
However, a Kotak Mahindra Bank spokesperson, in a statement on Wednesday, said the bank carried out a detailed reconciliation of fixed deposits and linked bank accounts maintained by the municipal corporation and based on the records examined so far, "accounts and transactions were handled in strict adherence to due process and applicable banking norms".
The State Vigilance and Anti-Corruption Bureau (SVACB) had filed an FIR on Tuesday night on cheating, conspiracy and other charges against unnamed bank officials and others.
This came after the Haryana government decided to refer the case to the SVACB to lodge an FIR "in the matter pertaining to non-reconciliation of funds and for conducting a thorough investigation into the discrepancies related to the FDRs of Panchkula Municipal Corporation, as well as the bank accounts maintained with Kotak Mahindra Bank at Sector 11, Panchkula".
The case was registered at the Anti-Corruption Bureau police station in Panchkula, under Sections 316(5) (criminal breach of trust), 318(4) (cheating), 336(3) (forgery), 338 (forgery of valuable security, will, et cetera), 340 (forged document or electronic record), and 61 (criminal conspiracy) of the Bharatiya Nyaya Sanhita and under Sections 13(2) and 13(1)(a) of the Prevention of Corruption Act, 1988.
Municipal Commissioner Vinay Kumar has been maintaining 16 fixed deposits amounting to ₹1,45,03,41,704 (over ₹145 crore) with a maturity value of ₹1,58,02,36,420 (over ₹158 crore) in Kotak Mahindra Bank's Sector 11 Panchkula branch, according to the FIR.
Out of these, 11 fixed deposits amounting to ₹59,57,67,709 (over ₹59 crore) had matured on February 16, 2026.
"As per the bank statement of Account No ... received on March 16, the balance as on March 13 is reflected as ₹2,17,74,394 (over ₹2.17 crore) only, against the expected balance of ₹50,0,24,463 (over ₹50 crore)," the FIR said.
"Further, the bank has intimated that there is no live term deposit available and that the balance in the account as on March 18 is ₹12,85,93,603.86 (over ₹12 crore).
"However, as per the office record, the Panchkula Municipal Corporation is maintaining 16 fixed deposits with Kotak Mahindra Bank, Panchkula, amounting to ₹1,45,03,41,704 with a maturity value of ₹1,58,02,36,420, which is not in consonance with the position conveyed by the bank," the FIR said.
The FIR said this depicts that the records are "totally mismatched" and there is "every apprehension of financial irregularities having been committed by the said bank".
On Wednesday, the bank spokesperson had said, "Following instructions from the Panchkula Municipal Corporation, Kotak Mahindra Bank initiated a detailed reconciliation of fixed deposits and linked bank accounts maintained by the municipal corporation.
"As part of this exercise, the bank has confirmed, based on records examined so far, that all account opening processes, KYC documentation, authorised signatories and instructions received from the municipal corporation were in order, and that the accounts and transactions were handled in strict adherence to due process and applicable banking norms".
The spokesperson had further said that a significant portion of the amounts under review has already been reconciled with the municipal corporation, and the reconciliation process is continuing in an orderly manner.
"Further, in keeping with its governance standards and to ensure that the matter is examined independently and comprehensively, the bank has filed a formal complaint with the Panchkula Police. The bank is cooperating fully with the municipal corporation, government authorities and law enforcement agencies in this process," the spokesperson had said.
