Overview
- State vigilance chief Arshinder Singh Chawla confirmed late Wednesday the arrest of Dileep Kumar Raghav, a Kotak relationship manager accused of sending false fixed‑deposit reports to the municipal corporation.
- The case surfaced Tuesday when the Panchkula Municipal Corporation sought the ₹58 crore maturity from one deposit and found the funds missing and the bank statement counterfeit.
- An FIR by the vigilance bureau lists 16 fixed deposits with ₹145.03 crore in principal and ₹158.02 crore at maturity, alleges cheating and forgery, and flags two additional bank accounts not recorded in civic files.
- Kotak Mahindra Bank says records reviewed so far show KYC and account‑opening details were in order, it has started reconciling the deposits, and it has filed a separate complaint with Panchkula Police.
- The discovery follows a ₹590 crore fraud at IDFC First Bank in Chandigarh that prompted Haryana to review government deposits and drop two lenders from state business, raising wider concerns about oversight of public funds in private branches.