Kotak Bank Employee Arrested in Panchkula FDR Discrepancy Case

Haryana Vigilance Bureau Arrests Bank Manager in Fixed Deposit Probe​

Chandigarh, March 26 – The Haryana State Vigilance and Anti-Corruption Bureau has made its first arrest in connection with alleged discrepancies in fixed deposit receipts amounting to nearly Rs 150 crore held by the Panchkula Municipal Corporation at a Kotak Mahindra Bank branch.

Investigation Details​

The State Vigilance and Anti-Corruption Bureau (SVACB) filed an FIR on Tuesday night against unnamed bank officials and others, accusing them of cheating, conspiracy, and other offenses. This followed a decision by the Haryana government to refer the case to the SVACB for a thorough investigation into the discrepancies related to the Fixed Deposit Receipts (FDR) of the Panchkula Municipal Corporation and 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, etc.), 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.

Key Figures and Amounts​

Municipal Commissioner Vinay Kumar maintains 16 fixed deposits amounting to Rs 1,45,03,41,704 with a maturity value of Rs 1,58,02,36,420 at the Kotak Mahindra Bank’s Sector 11, Panchkula branch.

• Eleven of these fixed deposits, totaling Rs 59,57,67,709, matured on February 16, 2026.
• Bank records show a balance of Rs 2,17,74,394 as of March 13, against an expected balance of Rs 50,00,24,463.
• As of March 18, the bank reported a balance of Rs 12,85,93,603.86.

Bank Response​

Kotak Mahindra Bank initiated a detailed reconciliation of fixed deposits and linked bank accounts maintained by the municipal corporation following instructions from the Panchkula Municipal Corporation. The bank confirmed that all account opening processes, KYC documentation, authorized signatories, and instructions received from the municipal corporation were in order, and that all accounts and transactions were handled in strict adherence to due process and applicable banking norms. A significant portion of the amounts under review has already been reconciled. The bank has also filed a formal complaint with the Panchkula Police.

Arrest Details​

Dileep Kumar Raghav, a relationship manager at the bank at the time of the alleged offense, was arrested on Wednesday. He is accused of conspiring with key individuals to submit false reports to the Panchkula Municipal Corporation regarding the fixed deposits.