Kotak Mahindra Bank is involved in a possible fraud case related to Panchkula Municipal Corporation (a local government body in Haryana). As per reports, the suspected fraud amount is around ₹160 crore that belonged to the municipal corporation seem to be missing or not properly accounted for. This money was kept in the bank as fixed deposits or in related accounts.
When the corporation tried to check or transfer the funds, they found some mismatch or discrepancy. This raised doubts that something may have gone wrong—either due to mismanagement, errors, or possible fraud. So now, the bank has filed a complaint (FIR) and started investigating what exactly happened and where the money went.
What is the bank saying?
The bank is saying that it followed all the proper rules while handling these accounts. It claims that all accounts were opened correctly with full KYC, and all transactions were done as per guidelines. It also mentioned that many of the fixed deposits (FDs) are quite old. After the issue came to light, the bank started checking all the accounts and FDs carefully to find any mismatch.
So far, it says a large part of the money has already been verified and matched. To understand what went wrong and to take legal action if needed, the bank has also filed a police complaint (FIR) and started an investigation.
The matter is now being investigated by the police to find out what exactly happened. The bank is fully cooperating in the investigation and is working closely with government authorities and law enforcement agencies. It is sharing all the required information and documents to help them understand the situation and identify if any wrongdoing has taken place.
