Kotak Mahindra Bank Investigates Alleged Fraud Linked to Municipal Corporation
Kotak Mahindra Bank Ltd. is examining a matter concerning an alleged 160 crore fixed deposit fraud linked to the Panchkula Municipal Corporation. The bank received inquiries from the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE) regarding a news item published on moneycontrol.com.According to a statement released by the bank, Kotak Mahindra Bank is reviewing the situation following instructions from the Municipal Corporation of Panchkula. The bank has confirmed it is cooperating fully with the Municipal Corporation, government authorities, and law enforcement agencies involved in the process.
The bank indicated that the matter does not have a material impact according to Regulation 30(4) of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015.
BSE Scrip Codes: 500247, 958687, 974396, 974682, 974924, 975387
NSE Symbols: KOTAKBANK, KMBL, KMB26, KMB29, KMB30
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